The Securities and Exchange Commission (SEC) has warned members of the public across Nigeria to avoid fake stock sellers and fraudulent online platforms trying to take their money during the share sale of Dangote Petroleum Refinery and Petrochemicals FZE.
The regulatory body gave the safety warning as the company officially opened its initial public offering (IPO) on Monday, 14 September, 2026. Capital market regulators issued the notice because high public interest in the share sale is creating chances for criminals to target people. It was noted that scammers are using fake websites, social media pages, text messages and unauthorised channels to collect money from unsuspecting buyers.
Identifying scam schemes and tactics
Scammers are actively using false promises to trick citizens who want to buy shares in the refinery. The regulatory commission specifically pointed out that scammers send unsolicited phone calls, WhatsApp messages, social media adverts and emails. These messages often promise special access or guaranteed share allotments to anyone who pays money through them.
Clear guidance has been given regarding these tricks.
“The existence of an individual, company, digital platform or social media account does not, by itself, constitute approval or authorisation to receive applications or funds from investors,” the SEC stated.
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Buyers have been warned not to transfer funds to any person or group that claims to accept share applications outside the approved system.
Any offer promising preferential treatment or guaranteed share allocations is fake and should be ignored completely.
Members of the public who want to participate in the share sale must use only official and verified paths. The commission instructs every buyer to confirm that their bank, stockbroker or digital app is fully registered and licensed before sending any money.
Prospective buyers should obtain accurate information directly from the regulatory commission, the refinery management, or approved capital market channels.
Investors must verify web addresses and links before typing in bank details or sending payments. Anyone who needs help should talk directly to licensed stockbrokers, commercial banks, or registered investment advisers.
The commission maintained that buyers must also read the official prospectus document carefully to understand all rules, terms and risks before committing their hard-earned money to the investment.
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