The Association of Securities Dealing Houses of Nigeria (ASHON) has issued a strong advisory to its members following a recent statement by the Securities and Exchange Commission (SEC) concerning the purported securities offering of Dangote Petroleum Refinery & Petrochemicals Free Zone Establishment (FZE).

The SEC said no application for an Initial Public Offering (IPO) or any public offer of shares by Dangote Petroleum Refinery & Petrochemicals FZE has been filed with or approved by the Commission.

The regulator further warned that any pre-marketing, solicitation of investors, account opening, collection of deposits, subscription drives, or promotional activities related to such an offering are unauthorised and may constitute violations of extant securities laws and regulations.

In response, ASHON, in a statement, directed all member firms to exercise utmost caution and strictly comply with the SEC’s directive. The association warned against participating in, promoting, endorsing, facilitating, or circulating information relating to any purported share offering that lacks regulatory approval.

ASHON emphasised that any action capable of misleading investors, spreading misinformation, undermining market integrity, or eroding public confidence in the Nigerian capital market must be avoided.

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“The integrity of the capital market depends on strict adherence to regulatory requirements, transparency, and responsible professional conduct,” the association stated.

ASHON reaffirmed its commitment to supporting regulatory compliance and maintaining the highest standards of professionalism within the Nigerian capital market.

The association urged all members to remain vigilant and ensure that all investment-related activities are conducted within the framework established by the SEC.

The advisory comes amid growing public interest in potential investment opportunities linked to the Dangote Refinery, one of Africa’s largest industrial projects, and underscores the regulator’s determination to protect investors from unauthorised capital market activities.

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By Iheanyi Nwachukwu • June 25, 2026

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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