![Hon. Festus Keyamo SAN arrives MMIA past 11:50 p.m. Feb 23 to lead oversight of Terminal 1 fire. Joined FAAN MD & team actively managing situation. Directed morning inspection Tuesday to guide restoration & confirm safety standards. Reaffirmed focus on passenger safety. Story: [link] #KeyamoMMIA #FireIncident #FAAN](https://fullcliphq.com/wp-content/uploads/2026/02/mym-150x150.jpg "MMIA Fire: Keyamo Inspects Lagos Airport After Terminal 1 Blaze Disrupts Flights")
Nigeria’s Securities and Exchange Commission has issued a strong warning to investors and market operators to stop all promotions, advertisements, and solicitations related to the proposed initial public offering of Dangote Petroleum Refinery & Petrochemicals FZE, stating that no application for such an offer has been filed or approved by the regulator.
In a public notice released on Tuesday, the SEC expressed concern over the circulation of flyers, digital banners, targeted emails, and social media advertisements encouraging subscriptions and pre-funding for the anticipated public offering. The Commission said some registered capital market operators have been involved in what it described as an “unwholesome and manipulative exercise” that could mislead the investing public.
The SEC emphasised that it has not received any formal application for the registration or approval of an IPO by the refinery. It warned that premature marketing activities risk creating false market expectations, distorting price discovery, generating information asymmetry, and ultimately eroding confidence in the capital market.
The regulator directed all registered capital market operators, digital investment platforms, and stakeholders to immediately cease promoting the offering, remove all related materials from their websites and social media channels within 24 hours, stop accepting any deposits or commitments, and refund monies already collected from investors. Failure to comply, the SEC said, will attract severe regulatory sanctions under the Investments and Securities Act, 2025.
This intervention comes as growing public interest in the Dangote Refinery – one of Africa’s largest industrial projects, has led to heightened speculation about a possible public listing. The SEC stressed that any legitimate public offer of securities can only begin after full regulatory review and approval of the prospectus and other required documents.
The Commission advised investors to rely solely on official announcements from the SEC regarding any future offering and to be wary of schemes promising guaranteed allocations or early access. It reiterated its zero-tolerance stance against unauthorised capital-raising activities, especially those leveraging social media and digital platforms.