The Securities and Exchange Commission (SEC) has cautioned prospective investors to be vigilant and use only approved channels when subscribing to the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO), which opened on Monday, September 14, 2026.
In a public notice signed by its management, the Commission confirmed that it had approved the refinery’s public offer and urged investors to ensure that all applications and payments are processed exclusively through authorised receiving agents, approved subscription platforms, and designated channels.
The warning comes as interest in the N2.15 trillion share sale continues to surge, with millions of potential retail investors expected to participate in what is widely regarded as one of the largest public offerings in Nigeria’s capital market history.
SEC outlined a series of measures designed to help investors avoid falling victim to fraudulent schemes during the subscription period.
The regulator also warned against responding to unsolicited phone calls, WhatsApp messages, emails, social media advertisements, or other communications promising guaranteed allotments or preferential access to shares.
Investors were encouraged to carefully review the approved prospectus and understand the risks, terms, and conditions attached to the investment before making any commitment.
The Commission stressed that the mere existence of a company, individual, digital platform, website, or social media account should not be interpreted as proof of regulatory approval.
According to SEC, only entities specifically authorised to participate in the offer are permitted to receive applications or funds from investors.
The regulator advised prospective subscribers to seek guidance from SEC-registered stockbrokers, banks, and investment advisers before making investment decisions.
It also urged investors to verify the registration status of any company, platform, or individual offering investment services through its official verification portals before proceeding with any transaction.
The Dangote Petroleum Refinery IPO has sparked intense competition among stockbrokers, banks, fintech firms, and investment platforms seeking to participate in the landmark offer.
The participating channels include platforms operated by 20 commercial banks, two mobile money operators, the Nigerian Exchange’s NGX Invest platform, and 32 fintech and investment firms.
The SEC has intensified efforts to combat investment fraud as participation in Nigeria’s capital market continues to expand.
The latest warning underscores the Commission’s determination to safeguard investors as heightened public interest in the Dangote Refinery IPO creates opportunities for fraudsters to exploit unsuspecting members of the public.
