Regulator urges subscribers to use only approved platforms and authorised agents….
The Securities and Exchange Commission has warned prospective investors in the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering to be wary of fraudulent platforms and individuals seeking to exploit the high demand for the share offer.
The warning followed the commencement of the N2.15tn IPO on Monday, September 14, with the regulator urging investors to process their applications and payments only through authorised receiving agents, approved subscription platforms and other designated channels.
In a public notice signed by its management, the SEC confirmed its approval of the refinery’s public offer and advised investors to rely only on verified information from the Commission, the issuer and other authorised sources.
The regulator specifically cautioned members of the public against making payments to individuals or organisations claiming to facilitate subscriptions outside the approved channels.
Investors were also advised to verify the authenticity of websites, links and digital platforms before providing personal or financial information.
The SEC said prospective subscribers should confirm that any stockbroker, bank, fintech company or other capital market operator handling their application is duly registered and authorised to participate in the offer.
It further warned investors against unsolicited calls, WhatsApp messages, emails, social media advertisements and other communications promising guaranteed allotments or preferential access to the Dangote Refinery shares.
According to the Commission, investors should study the approved prospectus carefully and understand the terms, conditions and risks associated with the investment before subscribing.
The regulator stressed that the existence of a company, website, digital platform or social media account does not automatically mean that it has regulatory approval to receive investment funds.
Only entities specifically authorised to participate in the offer are permitted to receive applications or payments from prospective investors, the SEC said.
It urged investors who require assistance to seek advice from SEC-registered stockbrokers, banks and investment advisers, while also using the Commission’s official verification channels to confirm the registration status of investment service providers.
The warning comes amid strong interest in the Dangote Refinery IPO, which is expected to attract millions of retail investors during the subscription period.
The N2.15tn offer opened on September 14 and is scheduled to close on October 13, 2026.
The offer is being distributed through an extensive digital network involving commercial banks, mobile money operators, the Nigerian Exchange’s NGX Invest platform, as well as fintech and investment companies.
The wide distribution network is intended to make the offer accessible to a large number of retail investors, with the transaction expected to draw participation from as many as 10 million investors.
The SEC’s latest alert comes as the Commission steps up efforts to tackle investment fraud and protect participants in Nigeria’s expanding capital market.
The regulator has previously announced the closure of hundreds of fraudulent investment schemes and the prosecution of individuals allegedly involved in illegal investment operations.
With public interest in the Dangote Refinery IPO continuing to rise, the SEC is urging investors to exercise caution and ensure that every application and payment is made through verified and officially approved channels.
