Dangote Refinery IPO: SEC Warns Public Against ‘Unofficial’, Fraudulent Platforms

The Security Exchange Commission (SEC) on Monday warned investing public against falling victim to “unauthorised” and fraudulent platforms as the Dangote Petroleum Refinery and Petrochemicals FZE offers its shares on the Nigerian Stock Exchange (NSE).

The IPO, which opens on Monday, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus.

It brings to the public, for the first time, an opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects.

The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.

Following the development, however, the Commission warned investors to ignore unauthorised platforms seeking to swindle them of their monies.

✨Announcement pic.twitter.com/iG1BkEvFcV

— SEC Nigeria (@SECNigeria) September 14, 2026

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa. The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

The management of the Refinery, through Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, had emphasised that participation in the offer has been designed to be accessible, transparent, and technology-enabled.

Eligible investors are advised to subscribe through approved distribution channels, including NGX Invest, designated commercial banks, and authorised investment platforms, subject to the provisions contained in the Prospectus.