SEC warns investors against unauthorized channels as Dangote Refinery IPO opens

The Securities and Exchange Commission (SEC) has issued a warning to potential investors about the importance of using official channels when subscribing to the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO). The IPO opened on September 14, 2026, and is expected to attract millions of investors due to its size, estimated at N2.15 trillion.

The SEC emphasized that investors must only engage with authorised receiving agents, approved subscription platforms, and designated channels for applications and payments. The regulator cautioned against responding to unsolicited communication promising guaranteed allotments or preferential access, and advised investors to thoroughly review the approved prospectus and understand the risks associated with the investment.

The SEC stressed that merely existing as a company, individual, or online platform does not confirm regulatory approval, and only entities authorised to participate in the offer are permitted to handle applications or funds. The regulator urged potential subscribers to seek guidance from SEC-registered stockbrokers, banks, and investment advisers, and to verify the registration status of any service provider through official verification portals.

The Dangote Refinery IPO has drawn significant interest, leading to a surge in participation and competition among various entities seeking to join the landmark offer.