Nigeria’s Securities and Exchange Commission on Tuesday ordered an immediate halt to the marketing of a purported initial public offering by Dangote Petroleum Refinery & Petrochemicals FZE, saying that no application has been filed or approved.

• The regulator said it had identified advertisements, digital campaigns and ​investment solicitations promoting shares in the refinery across ​social media and other channels. Some registered capital ⁠market operators were involved in seeking advance subscriptions, it ​added.
• “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 said.
• Dangote Petroleum Refinery, in ​a statement on X, reiterated its March position that ​it has not authorised any IPO-related marketing, described recent online reports ‌and ⁠solicitations as unauthorised and inaccurate, and said any potential offering would only be communicated through formal regulatory disclosures.
• The SEC warned that the promotions — including requests to pre-fund accounts ​or secure ​allocations — could mislead ⁠investors, distort market expectations and undermine market integrity.
• It directed operators to immediately stop related ​promotional activities, remove materials within 24 hours ​and ⁠refund any funds already collected. It warned of sanctions for non-compliance.
• The refinery, owned by billionaire Aliko Dangote, began operations ⁠in 2024 ​and is expected to transform ​Nigeria’s fuel market. Its planned IPO scheduled for later this year had ​drawn widespread interest.