The Securities and Exchange Commission (SEC) has warned investors against fraudulent operators, unauthorised agents and platforms seeking to collect money from members of the public for the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
The warning was issued as the Dangote Refinery public offer opened for subscription on September 14, 2026, amid strong interest from retail and institutional investors.
The SEC urged prospective investors to make applications and payments only through officially approved receiving agents and subscription channels.
According to the regulator, investors should obtain information about the offer only from the SEC’s official channels, the issuer’s official channels and other platforms specifically approved for the IPO.
The commission also advised investors to verify the authenticity of websites, investment platforms and links before providing personal or financial information.
It warned the public against unsolicited calls, WhatsApp messages, social media advertisements, emails and other communications promising guaranteed access to Dangote Refinery shares or preferential allocation.
The SEC stressed that the existence of an individual, company, digital platform or social media account does not automatically mean that such an entity is authorised to receive applications or funds for the offer.
The regulator further advised investors to use the channels of registered Capital Market Operators that have been authorised to participate in the offer and to carefully read the approved prospectus before subscribing.
Investors who require clarification or guidance were advised to contact SEC-registered stockbrokers, banks or registered investment advisers.
The Dangote Refinery IPO involves 4.1 billion ordinary shares being offered at ₦525 per share, with a minimum subscription of 10 shares costing ₦5,250. The offer is scheduled to close on October 13, 2026, subject to the terms of the approved prospectus.
The SEC’s latest warning follows an earlier notice issued in June, when the commission directed operators to stop unauthorised pre-marketing activities and warned investors against transferring money for purported pre-IPO allocations.
The Dangote Refinery has also published a fraud and security advisory warning investors that scammers may use the public offer to target them, particularly through unsolicited calls, texts and messages.
The commission urged investors to follow the officially announced subscription process and timetable and to exercise caution before transferring funds or sharing sensitive information with anyone claiming to facilitate the purchase of Dangote Refinery shares.
