SEC Warns Investors Against Fraud Schemes Tied to Dangote Refinery IPO
- The SEC raised the alarm over fraudulent schemes targeting subscribers to the N2.15 trillion Dangote Refinery IPO
- SEC told investors to make payments only through authorised agents and approved platforms as the public offer opened on September 14, 2026
- The regulator warned against fake websites, WhatsApp messages and social media adverts promising guaranteed access to Dangote Refinery shares
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's Securities and Exchange Commission (SEC) has put prospective investors on alert over fraudulent activities targeting the N2.15 trillion Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, as the public offer opened on Monday, September 14, 2026.
In a notice signed by its management, the Commission confirmed it had approved the public offer but said it was concerned about bad actors seeking to exploit the high level of public interest in the share sale.
Source: Twitter
How to apply safely for the Dangote Refinery IPO
SEC directed investors to channel all applications and payments exclusively through authorised receiving agents, designated subscription platforms and other officially approved routes.
The regulator said only entities it has specifically authorised may receive applications or funds from the public, and urged investors to confirm the registration status of any stockbroker, bank, fintech platform or capital market operator before proceeding.
Investors were also told to verify the authenticity of any website or digital platform before supplying personal or financial details, and to avoid transferring money to individuals or groups claiming to offer subscription services outside approved channels.
The Commission said:
"Investors are advised to carefully review the approved prospectus and understand the risks, terms and conditions attached to the investment before making any commitment."
SEC stressed that the existence of a company, individual or social media account does not automatically mean it holds regulatory approval to participate in the offer.
Fake offers and unsolicited messages
The Commission singled out unsolicited phone calls, WhatsApp messages, emails and social media advertisements as key tools being used to lure investors with promises of guaranteed share allotments or preferential access to the offer, the Sun reports.
Source: Getty Images
It told members of the public not to act on such communications.
SEC urged all prospective subscribers to seek guidance from registered stockbrokers, banks and investment advisers, and to use its official verification portals to check the credentials of any platform or individual offering investment services before committing funds.
The Dangote Refinery IPO has drawn broad interest from retail and institutional investors alike, reflecting expectations of strong participation in one of Nigeria's largest capital market transactions to date.
Full list of banks and apps where you can buy shares
Earlier, Legit.ng reported that investors seeking to participate in the Dangote Refinery initial public offering (IPO) can purchase shares through a wide range of approved financial intermediaries, including banks, stockbrokers, fintech platforms and investment applications.
The platforms are part of the financial intermediary network designated to facilitate subscriptions to the offer, giving investors multiple channels through which they can submit applications.
The available options include the Nigerian Exchange Limited (NGX) Invest Portal.
Source: Legit.ng
