Dangote Refinery IPO: Access Bank, Zenith, UBA, Others Warn Nigerians as Scammers Target Investors
- Dangote Refinery’s N2.15 trillion IPO triggers a massive investor rush, with subscriptions reportedly reaching N1.5 trillion within six hours
- SEC and banks warn investors to use only approved channels amid rising scams targeting prospective Dangote Refinery shareholders
- Access Bank cautions customers never to share PINs, CVVs, OTPs or card details with anyone claiming to facilitate IPO purchases
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Financial institutions have issued fresh warnings to Nigerians seeking to invest in the Dangote Petroleum Refinery initial public offering (IPO), amid concerns that fraudsters could exploit the huge investor interest surrounding the share sale.
Banks, including Access Bank, have advised customers to avoid unsolicited investment messages and never disclose sensitive banking details to anyone claiming to facilitate the purchase of Dangote Refinery shares.
Source: Getty Images
The warning comes as the refinery’s public offer attracts significant attention from retail and institutional investors.
Dangote Refinery IPO sparks investor rush
Dangote Industries Limited launched an offer involving 4.1 billion shares in the refinery at N525 per share, targeting about N2.15 trillion from investors.
Reports indicated that subscriptions reached about N1.5 trillion within the first six hours of trading, highlighting the scale of investor interest.
The rush also reportedly placed pressure on some investment and trading platforms as Nigerians attempted to access the much-anticipated offer.
Aliko Dangote, president and chief executive of Dangote Industries Limited, has described the public offer as an opportunity for investors to participate in the refinery's growth and potential wealth creation.
But the excitement has also triggered security concerns.
SEC tells investors to use approved channels
Following the launch, the Securities and Exchange Commission (SEC) cautioned prospective investors against dealing with unauthorised individuals or platforms.
The regulator confirmed its approval of the public offer but stressed that subscriptions and payments should be made only through authorised receiving agents, approved platforms and designated channels.
Banks have reinforced the warning, advising customers to be suspicious of unexpected calls, text messages, emails and social-media posts promising access to Dangote Refinery shares or special allocations.
Fraudsters often exploit major financial events by posing as bankers, brokers, investment advisers or representatives of well-known companies.
They may also deploy familiar company logos and professional-looking messages to convince prospective investors that fraudulent offers are legitimate.
Access Bank warns customers over PIN, OTP
In a message to customers, Access Bank specifically warned Nigerians interested in the IPO against revealing confidential banking credentials.
“Buying the Dangote Refinery IPO? Remember, Access Bank will never ever ask for your full card number, PIN, CVV or OTP,” the bank said.
It advised customers who may have disclosed such information to take immediate steps to secure their accounts.
Other financial institutions have similarly reminded customers that legitimate banks will not request PINs, CVVs, OTPs or complete card details through unsolicited communications.
How investors can avoid Dangote IPO scams
Prospective investors are being advised to independently verify any investment instruction before transferring money.
Rather than clicking links contained in unexpected messages, investors should use official bank, broker, NGX or other approved subscription channels.
Customers who suspect that their banking credentials have been compromised should contact their financial institution immediately and secure the affected account.
Source: Getty Images
With the Dangote Refinery IPO attracting enormous attention, the message from regulators and financial institutions is clear: the rush to own a piece of one of Africa’s biggest industrial projects should not come at the expense of basic financial security.
32 banks, fintechs selling Dangote Refinery shares
Legit.ng earlier reported that Nigerians looking to own a stake in Aliko Dangote’s landmark refinery can subscribe for shares through 32 approved banks, fintech platforms, mobile money operators and NGX Invest.
Dangote Petroleum Refinery and Petrochemicals FZE published the list on its official initial public offering (IPO) website, giving prospective investors a range of channels to access the public offer.
Source: Legit.ng
