The Securities and Exchange Commission (SEC) has ordered capital market operators to immediately stop all promotional activities for a supposed initial public offering by Dangote Petroleum Refinery and Petrochemicals FZE. The regulator said it has not received or approved any application for such an offer.

The SEC issued the directive on Tuesday after noticing advertisements, flyers, digital banners, and emails promoting the refinery’s public offering across social media and investment channels.

The regulator expressed concern that some registered capital market operators were involved in the exercise. It described the pre-marketing campaign as an “unwholesome and manipulative exercise.”

According to the SEC, the activities could mislead investors, distort market expectations, create information asymmetry, and undermine the integrity of Nigeria’s capital market. The commission warned that invitations for investors to create accounts, pre-fund investments, or secure guaranteed allocations amounted to market manipulation and violated the Investments and Securities Act.

The SEC directed stockbrokers and digital platform promoters to cease publishing, reposting, or distributing any promotional material related to the purported share offer. Operators must remove all unauthorised marketing materials from their platforms within 24 hours and stop accepting deposits or commitments from investors. The commission also ordered operators to refund all funds already collected for the purported offering within 24 hours.

The SEC advised investors to ignore high-pressure marketing tactics and avoid transferring funds for any “pre-IPO” placement. It assured the public that if an application for Dangote Refinery’s public offering is eventually approved, a proper prospectus would be made available. The Dangote Group had previously announced plans to sell a 10 per cent stake in its $20 billion refinery through a Pan-African IPO in 2026.