Africa-Press – Nigeria. The Nigerian Securities and Exchange Commission ordered an immediate halt to all marketing and promotional activities related to what has been described as an initial public offering for the Dangote oil and petrochemical refinery, confirming that the company has not submitted any official request for approval to list its shares in the market.
The commission stated that its investigations revealed the circulation of advertisements, publications, promotional campaigns, and investment platforms urging investors to pre-register or fund their accounts to obtain shares in the anticipated offering, despite no filing for an IPO being registered with them or receiving the required regulatory approval.
It added that these practices could mislead investors and create unrealistic expectations in the market, and they represent a violation of Nigerian capital market rules, emphasizing that all financial intermediaries and investment platforms must immediately cease any activities related to the alleged offering.
The decision comes after weeks of reports discussing the refinery’s efforts to raise around one billion dollars through a private placement ahead of a potential stock market listing, as part of expansion plans and future financing for the world’s largest single-train oil refinery.
The commission did not rule out the possibility of a future public offering but confirmed that any IPO would not be legal until the necessary regulatory procedures are completed and official approvals are obtained.
Dangote had previously announced its intention to list part of the refinery’s shares on the stock exchange by 2026 to expand its investor base and finance future expansion plans.
