The Securities and Exchange Commission has formally prohibited the advertising and solicitation of a supposed initial public offering for Dangote Petroleum Refinery & Petrochemicals FZE. The regulator confirmed that no official application for such a share offering has been submitted or authorized.
Reports surfaced regarding promotional materials, including digital banners and email solicitations, circulating online. The SEC noted that some registered market operators have been involved in soliciting advance funding for this unauthorized issuance. Such actions are considered a significant violation of the Investments and Securities Act.
The agency warned that these pre-marketing tactics mislead investors and compromise the integrity of the market. Consequently, the SEC has mandated that all market operators immediately cease these campaigns and remove all related content from their websites and social media platforms within one day.
Furthermore, the regulator ordered that all deposits or expressions of interest collected must be refunded to investors within the same 24-hour timeframe. The SEC emphasized that any failure to comply will result in penalties. Potential investors are advised to ignore these high-pressure tactics and rely exclusively on official announcements from the commission.