The Securities and Exchange Commission (SEC) has warned prospective investors in the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO) to beware of fraudulent individuals, companies and online platforms seeking to exploit public interest in the offer.
The warning came as the Dangote Refinery IPO officially opened to investors on Monday following approval of the offer by the Commission.
In a public notice, the SEC advised investors to obtain information about the offer only through the Commission, the issuer and other officially designated channels approved for the IPO.
The regulator also urged prospective investors to verify the authenticity of websites, platforms and links before providing personal or financial information or making payments.
According to the SEC, investors must follow the approved subscription and application process and comply with the official IPO timetable.
It cautioned investors against transferring funds to individuals or entities claiming to receive IPO applications or subscriptions outside the approved channels.
The Commission further advised investors to ensure that any Capital Market Operator (CMO) through which they intend to participate in the offer is duly registered and authorised to receive applications for the IPO.
The warning comes amid heightened interest in the Dangote Refinery share offer, which is expected to attract participation from both retail and institutional investors.
The SEC specifically cautioned members of the public against unsolicited calls, WhatsApp messages, social media advertisements, emails and other communications promising preferential allocation or higher allotments of shares.
It stressed that no individual or organisation should be trusted with claims that it can secure preferential treatment in the allocation of shares.
The Commission also urged investors to carefully study the approved prospectus before subscribing, noting the need for prospective investors to understand the terms, conditions and risks associated with the investment.
It emphasised that the existence of an individual, company, digital platform or social media account does not, in itself, constitute approval or authorisation to receive IPO applications or investors’ funds.
The regulator therefore advised investors seeking assistance to deal only with SEC-registered stockbrokers, banks and registered investment advisers.
It also directed members of the public to verify the registration status of companies, entities, platforms or individuals offering investment opportunities before entering into transactions with them.
The Commission said investors could use its dedicated portal for registered fintech operators and the SEC Capital Market Operators portal to conduct necessary verification before committing their funds to the offer.
 has warned prospective investors in the Dangote Petroleum Refinery and Petrochemicals){kind=link}