SEC orders halt to promotions of purported Dangote Refinery IPO, warns no application approved

The Securities and Exchange Commission has warned investors against participating in any purported public offering by Dangote Petroleum Refinery & Petrochemicals FZE, saying it has not received or approved any application for an initial public offering by the company. The post SEC warns investors against purported Dangote Refinery IPO appeared first on Premium Times Nigeria.

SEC halts unauthorised marketing for Dangote Refinery's public offer, clarifying no IPO has been filed. Operators must remove misleading materials within 24 hours.

The SEC has halted all promotional activities for a purported Dangote IPO, warning investors that no application has been approved. Exercise caution. Read More: https://punchng.com/investors-warned-as-sec-halts-dangote-ipo-publicity/

The Securities and Exchange Commission (SEC) has directed capital market operators to stop promoting a purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE.   Aliko Dangote, president of the Dangote Group, had said the refinery’s IPO would be conducted in September as investor demand continues to spike.   However, the SEC, in a public notice issued on Tuesday, said it had become aware of s, flyers, digital banners, and electronic mails circulating on social media and investment platforms regarding a proposed public offering by the refinery.   The commission said some registered capital market operators (CMOs) are actively soliciting advance subscriptions for the purported offer despite the absence of regulatory approval.     “No application for the registration of an IPO or public offer of shares of the Refinery has been filed with or approved by the Commission,” the notice reads.   The SEC said the ongoing promotional activities are capable of misleading investors, distorting market expectations and undermining the integrity of the capital market.   “The marketing campaign and invitations to create accounts, pre-fund, or secure guaranteed allocations amount to market manipulation and constitute serious violations of the Investments and Securities Act,” the commission said.     The regulator consequently directed all registered capital market operators, particularly stockbrokers and digital investment promoters, to immediately cease publishing, reposting or distributing promotional materials relating to the acquisition or allocation of shares in the refinery.   “Cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the Refinery,” the SEC said.   “Also, remove or take down all such unauthorised marketing materials from websites, social media handles (including X, LinkedIn, Instagram, Facebook etc.), and messaging groups within twenty-four (24) hours of this notice.”   The regulator also instructed operators to stop accepting deposits, commitments, account openings or expressions of interest from prospective investors in connection with the purported offering.   “Reverse and refund all funds already collected in connection with this purported offering to clients within twenty-four (24) hours of this notice,” the commission further said.   The SEC warned that failure to comply with its directives would attract sanctions under the Investments and Securities Act (ISA) 2025 and the commission’s rules and regulations.   The regulator advised investors to rely only on official communications issued through its approved channels and to ignore invitations to participate in any “pre-IPO” placement linked to the refinery.   The SEC assured that if an application for a public offering by the Dangote refinery is eventually filed and approved, an authorised prospectus would be made available to the investing public in accordance with the provisions of the ISA 2025.

Nigeria’s SEC has ordered capital market operators to stop promoting a purported Dangote Refinery IPO, warning investors against unapproved offers. Read More: https://punchng.com/sec-stops-dangote-refinery-ipo-promotions-warns-investors/

By Obas Esiedesa, Abuja The Securities and Exchange Commission (SEC) has banned the marketing and promotion of a purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, warning that no application for such an offer has been filed with or approved by the regulator. In a public notice made available to Vanguard […] The post SEC bans marketing, promotion of Dangote Refinery’s IPO appeared first on Vanguard News.