‎By Onu Okorie

‎

‎The Securities and Exchange Commission SEC has directed all capital market operators to immediately halt the marketing and promotion of a purported Initial Public Offering IPO by Dangote Petroleum Refinery & Petrochemicals FZE.

‎A press release made available to the Daily News Craft in Abuja yesterday explained that no application for such an offer has been submitted to or approved by the Commission.

‎The regulator said it had become aware of advertisements, flyers, digital banners and targeted electronic mails circulating across social media platforms and investment channels, promoting what was presented as a public share offering by the refinery.

‎The Commission stressed that it had not received any application for the registration of an IPO or public offer of shares by Dangote Petroleum Refinery & Petrochemicals FZE.

‎”No application for the registration of an IPO or public offer of shares of the Refinery has been filed with or approved by the Commission,” the SEC stated.

‎The regulator also expressed concern over the involvement of some Registered Capital Market Operators CMOs in what it described as an “unwholesome and manipulative exercise” involving the solicitation of advance subscriptions for a non-existent offering.

‎According to the SEC, the ongoing pre-marketing campaign is capable of misleading investors, distorting market expectations, creating information asymmetry and undermining the integrity of Nigeria’s capital market.

‎The SEC further warned that invitations urging members of the public to create accounts, pre-fund investments or secure guaranteed share allocations amounted to market manipulation and constituted serious violations of the Investments and Securities Act.

‎As part of its directives, the Commission ordered all Registered Capital Market Operators, particularly stockbrokers and digital investment platform promoters, to immediately cease publishing, reposting or distributing any promotional materials relating to the acquisition or allocation of shares in the refinery.

‎Operators were also instructed to remove all unauthorised marketing materials from their websites, social media platforms, including X, LinkedIn, Instagram and Facebook, as well as messaging groups within 24 hours of the notice.

‎In addition, the SEC directed operators to stop accepting deposits, commitments, account openings or expressions of interest from investors linked to the purported public offering.

‎The Commission further ordered that all funds already collected in connection with the alleged offer be refunded to clients within 24 hours.

‎The regulator warned that any operator found violating the directive would face sanctions under the Investments and Securities Act, 2025, and the SEC Rules and Regulations.

‎The SEC also advised investors to exercise caution and rely solely on official communications issued by the Commission regarding public offerings and investment opportunities.

‎It urged the public to ignore high-pressure marketing campaigns and requests to transfer funds for so-called “pre-IPO” placements, noting that such activities had not received regulatory approval.

‎The Commission assured investors that if an application for a public offering by the refinery is eventually submitted and approved, a duly authorised prospectus would be made available in accordance with the provisions of the Investments and Securities Act, 2025.