SEC Warns Nigerians Against Unauthorised Dangote Refinery Share Sales

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The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in any purported Dangote Refinery Initial Public Offering (IPO), stating that it has not received or approved any application for the sale of the company's shares.

The warning follows reports that individuals and organisations have been soliciting funds from members of the public through flyers, emails, websites, and social media, claiming to be selling shares in the Dangote Refinery ahead of a public offering.

According to the SEC, any fundraising or share subscription currently being promoted is unauthorised and lacks regulatory approval.


The Commission directed all individuals and entities that have collected money from investors under the guise of the Dangote Refinery IPO to refund affected subscribers within 24 hours, warning that regulatory action will be taken against violators.

While the SEC noted that the Dangote Refinery may choose to launch an IPO in the future, it stressed that no official public offering has been filed or approved at this time.


The Commission urged Nigerians to verify investment opportunities with the SEC before committing funds to avoid falling victim to fraudulent schemes.

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