The Securities and Exchange Commission (SEC) has warned prospective investors in the Dangote Petroleum Refinery and Petrochemicals IPO against using unauthorised platforms, individuals or payment channels to subscribe for shares.
The warning came as the public offer opened on Monday, September 14, 2026, attracting significant interest from retail investors seeking to acquire stakes in the refinery.
In a public notice, the SEC said investors should process their applications and payments only through authorised receiving agents, approved subscription platforms and other officially designated channels.
The regulator also advised investors to obtain information about the offer from official SEC sources, the issuer’s authorised communication platforms and other approved sources.
It urged prospective subscribers to verify websites, links and digital platforms before providing personal or financial information.
The SEC specifically cautioned investors against transferring money to individuals or entities claiming to facilitate subscriptions outside the approved process.
Investors were also advised to confirm that any stockbroker, bank, fintech platform or other capital market operator handling their applications is duly registered and authorised to participate in the offer.
The commission warned against unsolicited phone calls, WhatsApp messages, emails and social media advertisements promising guaranteed allotments or preferential access to Dangote Refinery shares.
It stressed that the existence of a company, website, digital platform or social media account does not, by itself, mean that the operator has regulatory approval to handle subscriptions.
The SEC further urged investors to study the approved prospectus and understand the terms, conditions and risks associated with the investment before committing funds.
The Dangote Refinery IPO is a ₦2.15 trillion share offering and is expected to attract millions of retail investors, making investor protection and the use of verified subscription channels particularly important during the offer period.
