SEC Bans Promotion Of Unapproved Dangote Refinery IPO
Amina Garba
The Securities and Exchange Commission has banned capital market operators from promoting or marketing a purported Dangote Petroleum Refinery initial public offering, warning that no such application has been filed or approved.
Punch reported that SEC, in a public notice on Tuesday, described the promotion of the unapproved IPO as an unwholesome and manipulative exercise that violates the Investment and Securities Act 2025.
The regulator directed all capital market operators to cease all promotional activities with immediate effect and remove all materials within 24 hours. It also ordered that any funds already collected from investors be refunded within the same period.
ThisDay separately confirmed the ban, reporting that SEC said operators soliciting advance subscriptions for the purported IPO were engaged in market manipulation.
SEC warned that non-compliance would attract sanctions under the provisions of ISA 2025.
Sources: Punch, ThisDay
Written by
Amina Garba
Financial reporter covering CBN policy, oil and gas, government budgets, and macroeconomic trends. Business Writer at NaijaTrend.
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