Financial institutions in Nigeria have issued urgent warnings to investors eyeing the Dangote Petroleum Refinery initial public offering (IPO), as fraudsters reportedly target prospective shareholders amid a surge in interest. The Securities and Exchange Commission (SEC) and banks, including Access Bank, are cautioning the public to use only approved channels for subscriptions and payments.
Investor Rush Triggers Security Concerns
Dangote Industries Limited launched an offer of 4.1 billion shares in the refinery at N525 per share, aiming to raise about N2.15 trillion. Reports indicate that subscriptions reached approximately N1.5 trillion within the first six hours of trading, underscoring the scale of investor enthusiasm. The rush has also reportedly placed pressure on some investment and trading platforms as Nigerians scramble to access the offer.
Aliko Dangote, president and chief executive of Dangote Industries Limited, has described the public offer as an opportunity for investors to participate in the refinery's growth and potential wealth creation. However, the excitement has also triggered security concerns, prompting regulators and financial institutions to act.
SEC and Banks Issue Fresh Warnings
The SEC, which confirmed its approval of the public offer, cautioned prospective investors against dealing with unauthorised individuals or platforms. The regulator stressed that subscriptions and payments should be made only through authorised receiving agents, approved platforms, and designated channels.
Banks have reinforced the warning, advising customers to be suspicious of unexpected calls, text messages, emails, and social-media posts promising access to Dangote Refinery shares or special allocations. Fraudsters often exploit major financial events by posing as bankers, brokers, investment advisers, or representatives of well-known companies. They may also deploy familiar company logos and professional-looking messages to convince prospective investors that fraudulent offers are legitimate.
Access Bank Warns Customers Over PIN, OTP
In a message to customers, Access Bank specifically warned Nigerians interested in the IPO against revealing confidential banking credentials. “Buying the Dangote Refinery IPO? Remember, Access Bank will never ever ask for your full card number, PIN, CVV or OTP,” the bank said. It advised customers who may have disclosed such information to take immediate steps to secure their accounts.
Other financial institutions have similarly reminded customers that legitimate banks will not request PINs, CVVs, OTPs, or complete card details through unsolicited communications.
How Investors Can Avoid Dangote IPO Scams
Prospective investors are being advised to independently verify any investment instruction before transferring money. Rather than clicking links contained in unexpected messages, investors should use official bank, broker, NGX, or other approved subscription channels. Customers who suspect that their banking credentials have been compromised should contact their financial institution immediately and secure the affected account.
Legit.ng earlier reported that Nigerians looking to own a stake in Aliko Dangote’s landmark refinery can subscribe for shares through 32 approved banks, fintech platforms, mobile money operators, and NGX Invest. Dangote Petroleum Refinery and Petrochemicals FZE published the list on its official IPO website, giving prospective investors a range of channels to access the public offer. With the Dangote Refinery IPO attracting enormous attention, the message from regulators and financial institutions is clear: the rush to own a piece of one of Africa’s biggest industrial projects should not come at the expense of basic financial security.
