The Securities and Exchange Commission (SEC) has advised prospective investors to use only approved channels when subscribing to the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO), which opened on Monday.
The capital market regulatory commission in a public notice issued by its management, disclosed that it had approved the refinery’s public offer and urged investors to ensure that all applications and payments are processed exclusively through authorised receiving agents, approved subscription platforms, and designated channels.
To properly guide the potential investors, the commission outlined a series of measures designed to help them avoid falling victim to fraudulent schemes during the subscription period.
Specifically, the SEC urged investors to obtain information about the offer only from official SEC channels, the issuer’s authorised communication platforms, and other approved sources, and also urged them to verify the authenticity of websites, links, and digital platforms before providing personal or financial information.
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In addition, the Commission urged members of the public to follow only the officially announced subscription process and timetable, cautioning against transferring funds to individuals or entities claiming to facilitate subscriptions outside approved channels.
The capital market regulator further advised investors to confirm that any stockbroker, bank, fintech platform, or capital market operator handling subscriptions is duly registered and authorised for the offer and warned them against responding to unsolicited phone calls, WhatsApp messages, emails, social media advertisements, or other communications promising guaranteed allotments or preferential access to shares.
While urging prosperity investors to carefully review the approved prospectus and understand the risks, terms, and conditions attached to the investment before making any commitment, stressing that mere existence of a company, individual, digital platform, website, or social media account should not be interpreted as proof of regulatory approval.
The commission maintained that only entities specifically authorised to participate in the offer are permitted to receive applications or funds from investors, and advised prospective subscribers to seek guidance from SEC-registered stockbrokers, banks, and investment advisers before making investment decisions.
The SEC also urged investors to verify the registration status of any company, platform, or individual offering investment services through its official verification portals before proceeding with any transaction on the listed IPO.
