A former President of the Chartered Institute of Stockbrokers has urged Nigerians eyeing a stake in the Dangote Petroleum Refinery’s initial public offering to steer clear of informal channels and route their applications strictly through licensed stockbrokers, describing this as the only safe path into what is shaping up to be the largest share sale in the country’s capital market history.

The refinery’s subscription window opened on September 14 and will run until October 13, with the offer covering 4.1 billion ordinary shares priced at 525 naira each. A full subscription would raise about 2.15 trillion naira, translating to roughly 1.6 billion dollars, with a minimum entry point of 10 shares and further applications accepted only in multiples of 10. Once the offer closes, the company plans to list on the Main Board of the Nigerian Exchange, a move that would give retail and institutional investors direct ownership exposure to one of Africa’s most significant industrial assets.

The call for caution follows growing concern within the capital markets community about unofficial promises circulating on social media and messaging platforms, where some parties have claimed to guarantee allocations or have solicited deposits outside the approved application process.

Industry regulators and professional bodies have moved to counter this, insisting that every stockbroking firm licensed by the Securities and Exchange Commission is an accredited receiving agent for the offer, and that investors seeking clarity on the process should approach these firms directly rather than relying on unverified sources.

Both the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria have thrown their weight behind the offer, framing it as an opportunity to deepen local ownership of a strategically important national enterprise and to strengthen Nigeria’s broader investment culture. They point to the refinery’s scale and its role in domestic energy supply as reasons the business carries relevance well beyond the immediate financial markets, with potential knock on benefits for import substitution, foreign exchange earnings and industrial development.

For everyday investors weighing whether to participate, the message from within the profession is consistent: engage a properly licensed broker, complete the standard verification requirements, and treat any offer of guaranteed shares outside that process as a red flag rather than an opportunity.