Nigeria’s SEC has ordered stockbrokers and digital platforms to stop promoting a purported Dangote Refinery IPO, warning the offer has no regulatory approval and could mislead investors.
Not so fast. Nigeria’s Securities and Exchange Commission has ordered stockbrokers, digital investment platforms and other capital market operators to immediately halt promotions around a purported Dangote Refinery IPO, BusinessDay reports.
The regulator says no application for the refinery’s IPO has been filed or approved — making the adverts, flyers and online campaigns chasing investors completely unauthorised.
SEC warned that invitations to pre-fund accounts or secure early allocations could mislead investors and distort market expectations. It’s now ordering operators to refund any money collected and cautioned that violators risk sanctions under the Investments and Securities Act 2025.
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