SEC: No Application Received for Dangote Refinery’s IPO
Kayode Tokede
Securities and Exchange Commission (SEC) yesterday said it had not received any application for the purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, warning stakeholders against the marketing and promotion of the offer on Nigerian Exchange Limited (NGX).
In a public notice, SEC said it was aware of advertisements, flyers, digital banners, and targeted electronic mails circulating on social media platforms and investment channels concerning a supposed securities offering by the refinery.
It expressed concern over the involvement of some Registered Capital Market Operators (CMOs) in an “unwholesome and manipulative exercise” of actively soliciting advance subscriptions for an offering that had not been presented to the commission.
