The Securities and Exchange Commission (SEC) has warned investors against unauthorised platforms and individuals attempting to collect money or receive applications for shares in the Dangote Petroleum Refinery and Petrochemicals public offer.
The warning came as the ₦2.15 trillion public offer opened on Monday, September 14, amid strong interest from Nigerians seeking to buy shares in the refinery. The SEC urged prospective investors to make their applications and payments only through approved receiving agents, subscription platforms and designated channels.
The Commission said investors should be cautious of unsolicited messages, websites, social media accounts and individuals claiming to represent the offer, as such channels could be used to defraud unsuspecting members of the public.
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The Dangote Refinery offer comprises 4.1 billion ordinary shares priced at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250. The offer is scheduled to close on October 13, 2026.
The SEC said the approved channels are the only legitimate routes for investors to participate in the public offer. The official Dangote IPO platform also states that share subscriptions, Know Your Customer (KYC) checks, payments and allotments are processed exclusively through SEC-approved receiving agents and electronic application channels.
The warning follows growing public interest in the offer, with some digital investment platforms experiencing heavy traffic as investors attempted to subscribe. The surge has increased concerns that fraudsters could exploit the demand by creating fake platforms or impersonating authorised agents.
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The SEC said it is working with relevant agencies to monitor the market and track fraudulent operators involved in unauthorised activities linked to the offer. Investors have therefore been advised to verify the legitimacy of any platform or agent before submitting personal information or transferring money.
The public offer is expected to raise about ₦2.15 trillion if fully subscribed, making it one of the largest equity offerings in Africa. The funds are intended to support the refinery’s expansion and other strategic investments.
The SEC urged investors to read the approved offer documents carefully and understand the terms and risks before committing their funds.
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By Onabanjo Boluwatife Ifeoluwa
boluwatifeonabanjo3@gmail.com