Lagos. Nigeria’s Securities and Exchange Commission (SEC) has ordered an immediate halt to all marketing and promotional activities linked to a proposed initial public offering (IPO) of the Dangote Petroleum Refinery, stating that no application for the share sale has been submitted to or approved by the regulator.
In a directive issued on June 23, 2026 the SEC warned investors and market operators against participating in or promoting any purported public offering by the refinery, saying such activities could mislead investors and undermine confidence in the country’s capital markets.
The regulator instructed stockbrokers, investment advisers and digital investment platforms to cease all related promotional activities with immediate effect. It also stressed that no prospectus or IPO registration documents have been filed for consideration.
The move comes amid growing speculation over a potential stock market listing of the refinery, which has been widely tipped to become one of the largest public offerings in African history. Expectations of a future listing have intensified in recent months as the refinery continues to expand operations.
Owned by African billionaire Aliko Dangote, the $20 billion refinery near Lagos is Africa’s largest oil refining facility and is regarded as a key project in Nigeria’s efforts to reduce fuel imports and strengthen domestic energy production.
The SEC’s intervention underscores that any future public share sale by the refinery must first comply with all regulatory requirements before it can be marketed to investors.
