Nigeria: Dangote Refinery IPO - SEC Warns Investors Against Fraudulent Platforms

The Securities and Exchange Commission (SEC), on Monday warned the investing public against falling victim to unauthorised and fraudulent platforms as Dangote Petroleum Refinery and Petrochemicals FZE commenced its public offer of shares on the Nigerian Exchange, NGX.

The IPO, which opened on Monday, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus.

The offer provides the public, for the first time, an opportunity to own a stake in Africa's largest refinery and one of the world's most significant industrial projects.

The transaction is targeted at retail, institutional and eligible African investors, reinforcing Dangote Refinery's commitment to broadening ownership and deepening participation in Nigeria's capital market.

Following the development, however, the SEC warned investors to ignore unauthorised platforms seeking to swindle them of their money.

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.

The proceeds will support the refinery's long-term growth plans, operational expansion, strategic investments and the creation of additional value for shareholders and stakeholders alike.

The management of the refinery, through Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, had emphasised that participation in the offer has been designed to be accessible, transparent and technology-enabled.

Eligible investors are advised to subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the provisions contained in the Prospectus.

The SEC's warning came as investor interest in the Dangote Refinery IPO remains high, with the public offer designed to widen participation in the capital market and give a broader range of investors an opportunity to own shares in the refinery. The regulator is urging members of the investing public to be cautious and to use only authorised channels when subscribing to the offer.

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