Dangote Refinery IPO: SEC warns Nigerians as fraudsters move in

By Tolulope Oke

The Securities and Exchange Commission (SEC) has warned Nigerians against falling victim to fake investment platforms as interest continues to rise around the historic public offer of shares in Dangote Petroleum Refinery and Petrochemicals FZE.

The commission raised the alarm on Monday, urging investors to avoid unauthorised platforms claiming to offer access to the refinery’s Initial Public Offering (IPO).

The warning comes as thousands of Nigerians and investors show interest in owning a stake in Africa’s largest refinery, with the offer expected to raise about N2.15 trillion, making it one of the biggest equity offerings in Africa.

SEC adviced members of the public to subscribe only through approved channels, including authorised investment platforms, designated banks and official capital market operators.

The commission warned that fraudsters could take advantage of the massive public attention surrounding the Dangote Refinery IPO to create fake websites, apps and investment channels designed to steal investors’ funds.

The IPO, which opened on Monday, September 14, 2026, involves 4.1 billion ordinary shares of Dangote Petroleum Refinery and Petrochemicals FZE being offered at N525 per share.

With a minimum subscription requirement of 10 shares valued at N5,250, the offer has been structured to allow retail investors, institutional investors and eligible African investors to participate.

“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.

The offer is expected to close on October 13, 2026, subject to the terms contained in the prospectus.