The Securities and Exchange Commission (SEC) has issued a Cease and Desist Order, warning investors and capital market operators against unauthorised investment solicitations tied to a purported Initial Public Offering (IPO) of the Dangote Petroleum Refinery.
In a regulatory notice dated June 23, 2026, the Commission stated that no IPO, public offer, or share sale involving Dangote Petroleum Refinery has been filed with, or approved by, the SEC.
The regulator said that any individual or organisation soliciting funds, opening investment accounts, collecting expressions of interest, or promising guaranteed share allocations in connection with the purported offering is acting unlawfully.
Describing the activities as a form of market manipulation, the SEC directed all affected operators to halt such activities immediately. The Commission subsequently issued four compliance orders to stockbroking firms, investment platforms and other market intermediaries.
Under the directives, affected parties are required to immediately cease publishing, distributing or promoting any material related to the sale of Dangote Refinery shares.
The SEC also instructed operators to remove all unauthorised marketing content from websites, digital platforms and social media channels within 24 hours.
In addition, brokers have been directed to stop accepting deposits, opening accounts, processing subscriptions, or receiving expressions of interest linked to the purported offering.
The market regulator further ordered brokers to reverse all related transactions and refund investors’ funds within 24 hours. According to the Commission, any failure to comply with the directives will attract sanctions under the Investments and Securities Act (ISA) 2025.
The SEC advised members of the public to remain vigilant and refrain from making payments in response to advertisements circulating on social media platforms and other online channels.