The Securities and Exchange Commission (SEC) has warned investors against unauthorised and fraudulent platforms seeking to exploit the ongoing public offer by Dangote Petroleum Refinery and Petrochemicals FZE.
The warning came as the Dangote Refinery IPO opened on Monday, offering 4.1 billion new ordinary shares at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250.
The offer is expected to remain open until October 13, 2026, subject to the terms contained in the Prospectus.
The public offer provides retail, institutional and eligible African investors with an opportunity to acquire shares in Africa’s largest refinery and one of the continent’s major industrial projects.
The transaction is expected to raise approximately ₦2.15 trillion, potentially making it one of the largest equity offerings in Africa.
Following the commencement of the offer, the SEC urged members of the investing public to exercise caution and avoid platforms that are not authorised to distribute or process subscriptions.
The Commission advised prospective investors to use only approved channels when subscribing for the Dangote Refinery shares.
Eligible investors can participate through NGX Invest, designated commercial banks and authorised investment platforms, in line with the provisions of the Prospectus.
The offer is designed to broaden ownership of Dangote Refinery while deepening participation in Nigeria’s capital market.
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The company is targeting retail and institutional investors as well as eligible investors across Africa, potentially expanding the shareholder base of one of Nigeria’s most prominent industrial assets.
According to the offer details, the proceeds will be deployed to support the refinery’s long-term growth plans, operational expansion and strategic investments, with the aim of creating additional value for shareholders and other stakeholders.
Management has emphasised that participation in the offer has been structured to be accessible, transparent and technology-enabled.
The development also comes as Nigeria’s capital market seeks to deepen retail participation and provide investors with greater access to major domestic companies through the equities market.
Investors have therefore been advised to verify the authenticity of any platform or agent offering to process their subscriptions and avoid transferring funds to unauthorised channels.
