Abuja, June 26, 2026 – The Securities and Exchange Commission in Nigeria (SEC) has directed operators to stop promoting and advertising a proposed Initial Public Offering (IPO) by the Dangote Refinery.
The NSE gave the directive on Tuesday in a public notice, stressing that no such application had been filed with or approved by SEC.
It said it was aware of advertisements, flyers, digital banners, and electronic mails circulating on social media and investment platforms regarding a proposed public offering by the refinery.
SEC, however said: “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 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,” it said.
The regulator, therefore, directed operators to cease, with immediate effect, from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the Refinery.
“Also, remove or take down all such unauthorised marketing materials from websites, social media handles (including X, LinkedIn, Instagram, Facebook etc.), and messaging groups within twenty-four (24) hours of this notice,” it said.
It will be recalled that Dangote Refinery had, in a statement on X in March, advised operators to stop such promotional activities as it had not directed them to do so.
The company said approval of such authority would be communicated to operators through formal regulatory disclosures.
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