The Securities and Exchange Commission (SEC) has banned the marketing and promotion of an alleged Initial Public Offering (IPO) by Dangote Petroleum Refinery and Petrochemicals FZE.
The commission, in a public notice issued on Tuesday, said no application for such an offer had been filed with or approved by it.
SEC said it had become aware of advertisements, flyers, digital banners and targeted electronic mails circulating on social media platforms and investment channels concerning a purported securities offering by the refinery.
The commission expressed concern over the involvement of some registered Capital Market Operators (CMOs) in what it described as an unwholesome and manipulative exercise of actively soliciting advance subscriptions for an offering that had not been presented to it.
According to SEC, no application for the registration of an IPO or public offer of shares of the refinery has been filed with or approved by the commission.
