The SEC has cracked down on Dangote Refinery IPO promotions, directing capital market operators to stop all unauthorised marketing and refund deposits as no regulatory approval has been filed.

The Securities and Exchange Commission on Tuesday directed all registered capital market operators in Nigeria to immediately cease promoting a purported initial public offering by Dangote Petroleum Refinery and Petrochemicals FZE.

Aliko Dangote, president of the Dangote Group, had earlier indicated that the refinery’s much-anticipated IPO would take place in September, driven by surging investor demand for shares in Africa’s largest industrial project.

The SEC, in a strongly worded public notice, clarified that no application for the registration of an IPO or public offer of shares in the refinery had been filed with or approved by the commission.

The regulator expressed concern that various advertisements, flyers, digital banners and emails were actively soliciting advance subscriptions and account openings.

“The marketing campaign and invitations to create accounts, pre-fund, or secure guaranteed allocations amount to market manipulation and constitute serious violations of the Investments and Securities Act,” the commission stated.

This intervention comes after months of heightened public excitement surrounding the Dangote Refinery, which began operations in 2024 and has been viewed as a landmark achievement in Nigeria’s drive for energy self-sufficiency and industrialisation.

The project has consistently attracted significant local and international investor interest.

The SEC instructed operators to remove all unauthorised promotional materials from websites and social media platforms within 24 hours and to reverse and refund any funds already collected in connection with the purported offering. Failure to comply, the regulator warned, would attract sanctions under relevant laws.

Industry observers note that while the move aims to protect investors and maintain market integrity, it also reflects the intense appetite for quality listings on the Nigerian Exchange.

The commission assured the public that any future approved IPO would be accompanied by an official prospectus released through proper channels.

The development underscores the delicate balance between fostering investment enthusiasm and preventing premature or misleading campaigns in Nigeria’s evolving capital market.