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
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