The Securities and Exchange Commission has warned investors against fraudulent platforms and unauthorised agents seeking to receive applications or funds for the Dangote refinery initial public offering.
The commission issued the warning on Monday as subscription for the IPO opened, urging prospective investors to use only officially approved receiving agents and subscription channels.
The SEC advised investors to obtain information about the offer only through verified sources.
“Obtain information about the IPO only from the SEC official channels, Issuer’s official channels, and other official channels established and approved for the IPO,” the SEC said.
The regulator also urged investors to authenticate websites, digital platforms and links before submitting personal or financial information.
“Verify that their chosen registered Capital Market Operator’s channels/platforms for the offer are duly authorised and approved,” the commission said.
It cautioned investors against responding to unsolicited communications that promise access to the offer or preferential treatment.
“Avoid responding to unsolicited calls, WhatsApp messages, social media advertisements, emails or other channels/platforms that offer or guarantee allotments or preferential allocation.”
The SEC further advised prospective investors to adhere to the officially announced subscription procedure and timetable for the IPO.
It warned investors against transferring money to individuals or entities claiming to receive applications outside the approved channels.
“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 in respect of the Offer,” the SEC said.
The commission also advised prospective investors to study the offer documents before committing their funds.
“Carefully read the approved Prospectus and understand the terms, conditions and risks associated with the investment before making any subscription.”
The regulator said investors who require further guidance should consult SEC-registered stockbrokers, banks or registered investment advisers.
