Industrial oil refinery with complex piping and processing units at Dangote Refinery, Nigeria.
Nigeria’s Securities and Exchange Commission (SEC) has ordered an immediate halt to all promotional activities related to a proposed share sale of the Dangote Refinery, warning that no initial public offering (IPO) application has been filed or approved. The regulator said some capital market operators were encouraging investors to subscribe to shares and fund accounts ahead of a non-existent offering, describing the activity as misleading and potentially harmful to market confidence. It directed operators to remove advertising materials within 24 hours and refund any money collected. The warning comes as anticipation grows around a potential listing of the refinery, which analysts estimate to be worth between $40 billion and $50 billion, after founder Aliko Dangote signaled a September IPO target.
Business Insider Africa