Dangote Refinery IPO: SEC warns against fraudsters

… N2.15trn offer opens at N525 per share

LAGOS — The Securities and Exchange Commission (SEC) has warned Nigerians and other prospective investors against falling victim to unauthorised and fraudulent platforms seeking to exploit the commencement of the Dangote Petroleum Refinery and Petrochemicals FZE public offer.

The warning came yesterday as the much-anticipated Initial Public Offering (IPO) of the Dangote Refinery opened to investors, offering 4.1 billion ordinary shares at N525 per share.

The offer, which is expected to raise approximately N2.15 trillion, is one of the largest equity offerings ever undertaken in Africa and provides members of the public with an opportunity to acquire a stake in Africa’s largest refinery.

The minimum subscription is 10 shares valued at N5,250, while the offer is scheduled to close on October 13, 2026, subject to the terms contained in the Prospectus.

The SEC, however, urged investors to exercise extreme caution and deal only through approved channels, following concerns that fraudsters could take advantage of the huge public interest in the offer to defraud unsuspecting Nigerians.

Eligible investors have been advised to subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, in accordance with the provisions of the Prospectus.

The public offer is targeted at retail, institutional and eligible African investors and is expected to broaden public ownership of the refinery while deepening participation in Nigeria’s capital market.

The proceeds are expected to support the refinery’s long-term growth plans, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.

The scale of the offer has generated significant interest among investors, with the management assuring prospective shareholders that participation has been designed to be accessible, transparent and technology-enabled.

The SEC warning is therefore seen as particularly significant as investors rush to participate in what is being described as a landmark transaction for Nigeria’s capital market.

The Commission urged members of the investing public to verify all subscription channels and avoid making payments through unofficial platforms or individuals claiming to be authorised agents.