The Securities and Exchange Commission has said it received no application for the purported initial public offering by Dangote Petroleum Refinery and Petrochemicals FZE, warning stakeholders against marketing the offer on the Nigerian Exchange.

In a public notice, SEC said it was aware of advertisements, flyers, digital banners and emails circulating on social media and investment channels about a supposed securities offering by the refinery. It expressed concern over some registered capital market operators soliciting advance subscriptions for an offering never presented to the commission.

“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,” the regulator said, describing the activity as capable of misleading investors and undermining market integrity.

SEC directed operators, stockbrokers and digital platform promoters to immediately stop all promotional activity, take down unauthorized materials within 24 hours, stop accepting deposits or expressions of interest, and refund all funds already collected within 24 hours.

The commission warned that defaulters would face penalties under the Investments and Securities Act, 2025, and advised investors to rely only on official pronouncements through its channels. It said an approved prospectus would be made available if it eventually cleared a genuine application from the refinery.