Fraudsters: SEC Issues Important Warning As Dangote Refinery IPO Opens

The Securities and Exchange Commission (SEC) has warned Nigerians taking part in the ₦2.15 trillion Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals to be careful of fraudsters.

The warning came as the much-anticipated share offer opened on Monday, September 14, 2026, attracting strong interest from retail and institutional investors, Naija News reports.

In a public notice signed by its management, SEC confirmed that it had approved the public offer but urged investors to make applications and payments only through authorized receiving agents, approved subscription platforms and designated channels.

The Commission advised prospective investors to get information about the offer only from its official channels, the issuer’s authorized communication platforms and other approved sources.

It also asked investors to verify the authenticity of websites, links and digital platforms before submitting their personal or financial details.

SEC warned against transferring money to individuals or organizations claiming to assist with subscriptions outside the approved channels.

According to the regulator, only entities specifically authorized to participate in the offer are allowed to receive applications or funds from investors.

The Commission further advised prospective subscribers to confirm that any stockbroker, bank, fintech platform or other capital market operator handling their applications is properly registered and authorized to participate in the offer.

SEC also raised concerns over unsolicited phone calls, WhatsApp messages, emails, social media adverts and other forms of communication promising guaranteed allotments or preferential access to Dangote Refinery shares.

It urged members of the public to ignore such offers and verify all claims through official channels.

“Investors are advised to carefully review the approved prospectus and understand the risks, terms and conditions attached to the investment before making any commitment,” the Commission said.

The regulator stressed that the existence of a company, individual, digital platform, website or social media account does not automatically mean that it has regulatory approval.

SEC advised prospective investors to seek guidance from registered stockbrokers, banks and investment advisers before committing their funds.

It also urged investors to use its official verification portals to confirm the registration status of any company, platform or individual offering investment services before carrying out transactions.