The Securities and Exchange Commission (SEC) has urged Nigerians taking part in the ₦2.15 trillion Dangote Refinery IPO to protect themselves from fraudsters.
The warning came as the highly anticipated share offer opened on Monday, September 14, 2026, drawing strong interest from both retail and institutional investors.
In a public notice signed by its management, the SEC confirmed that it had approved the offer. However, it told investors to submit applications and make payments only through authorised receiving agents, approved subscription platforms and designated channels.
The regulator also advised prospective investors to obtain information about the Dangote Refinery IPO only from official SEC sources, the issuer’s authorised communication platforms and other approved channels.
Investors should check websites, links and digital platforms carefully before sharing personal or financial information. The SEC warned against sending money to individuals or organisations claiming to help with subscriptions outside approved channels.
It stressed that only specifically authorised entities can receive applications or investor funds for the offer.
The Commission further asked subscribers to confirm that any stockbroker, bank, fintech platform or capital market operator handling their applications is properly registered and authorised.
The SEC also warned about unsolicited phone calls, WhatsApp messages, emails, social media adverts and other communications promising guaranteed share allotments or preferential access to Dangote Refinery shares.
Members of the public were advised to ignore such claims and verify them through official sources.
“Investors are advised to carefully review the approved prospectus and understand the risks, terms and conditions attached to the investment before making any commitment,” the Commission said.
The regulator stressed that the existence of a company, website, individual or social media account does not prove regulatory approval.
Before committing funds to the Dangote Refinery IPO, investors should seek advice from registered stockbrokers, banks or investment advisers. They should also use SEC’s official verification portals to check the registration status of any investment service provider.
How can investors better protect themselves from IPO-related scams?
