The Securities and Exchange Commission (SEC) has warned prospective investors against fraudulent platforms, unauthorised agents and individuals seeking to receive applications or funds in connection with the Dangote Petroleum Refinery initial public offering.
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The warning came on Monday as subscription for the refinery’s IPO opened, with the capital market regulator urging members of the public to use only officially approved receiving agents and subscription channels.
According to the SEC, investors should obtain information about the offer only through the Commission’s official channels, the issuer’s recognised channels and other platforms specifically established and approved for the IPO.
“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 Commission said.
The regulator also advised investors to independently verify the authenticity of websites, digital platforms and links before submitting personal, banking or other financial information.
It further urged prospective subscribers to ensure that any capital market operator through which they intend to participate in the offer is registered and that the particular channel or platform being used has been duly authorised for the transaction.
“Verify that their chosen registered Capital Market Operator’s channels/platforms for the offer are duly authorised and approved,” the SEC said.
The Commission specifically cautioned investors against responding to unsolicited telephone calls, WhatsApp messages, social media advertisements, emails or other communications promising guaranteed allotments or preferential treatment in the allocation of shares.
“Avoid responding to unsolicited calls, WhatsApp messages, social media advertisements, emails or other channels/platforms that offer or guarantee allotments or preferential allocation,” it warned.
The SEC also advised investors to follow the officially announced subscription process and IPO timetable and not transfer funds to individuals or entities claiming to receive applications outside approved channels.
It stressed that the mere existence of a person, company, digital platform or social media account does not amount to regulatory approval to receive applications or investment funds.
“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 Commission said.
The regulator equally urged prospective investors to carefully study the approved prospectus and understand the terms, conditions and risks attached to the investment before subscribing.
“Carefully read the approved Prospectus and understand the terms, conditions and risks associated with the investment before making any subscription,” it added.
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