The Securities and Exchange Commission (SEC) has banned the marketing and promotion of a purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, warning that no application for such an offer has been filed with or approved by the regulator.

This was detailed in a public notice on Tuesday, in which the Commission said it had become aware of advertisements, flyers, digital banners and targeted electronic mails circulating on social media platforms and investment channels concerning a supposed securities offering by the refinery.

The SEC expressed concern over the involvement of some Registered Capital Market Operators (CMOs) in what it described as an “unwholesome and manipulative exercise” of actively soliciting advance subscriptions for an offering that has not been presented to the Commission.

According to the regulator, “No application for the registration of an IPO or public offer of shares of the Refinery has been filed with or approved by the Commission.”

The Commission added that the ongoing pre-marketing activities were “capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market.”

It further stated that the marketing campaign and invitations to “create accounts”, “pre-fund,” or “secure guaranteed allocations” amounted to market manipulation and constituted “serious violation of the Investments and Securities Act.”

Consequently, the Commission directed all Registered Capital Market Operators, particularly stockbrokers and digital platform promoters, to immediately stop all promotional activities.

The SEC ordered them to “cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the Refinery.”

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It also directed operators to “remove or take down all such unauthorized marketing materials from websites, social media handles (including X, LinkedIn, Instagram, Facebook etc.), and messaging groups within twenty-four (24) hours of this notice.”

The regulator further instructed operators to desist from accepting deposits, commitments, account openings or expressions of interest from investors for the purported public offering and to “reverse and refund all funds already collected in connection with this purported offering to clients within twenty-four (24) hours of this notice.”

The Commission warned that defaulters would face sanctions as non-compliance would attract penalties under the Investments and Securities Act, 2025 and the SEC Rules and Regulations.

Advising investors to exercise caution, the SEC said members of the public should “rely only on formal, official pronouncements issued directly by the Commission through its official channels.”

It warned that “all such high-pressure marketing tactics, or transfer of funds to any operator for ‘pre-IPO’ placement should be ignored as they did not receive the Commission’s approval.”

The Commission assured that if it eventually receives and clears an application for a public offering by the refinery, an approved prospectus would be made available to investors in line with the provisions of the Investments and Securities Act, 2025.

In the background of reports of Nigerian fuel marketers re-importing the Dangote Petroleum Refinery and Petrochemicals (DPRP) processed products through the offshore ship-to-ship trading hub in Lomé, official trade data shows that in the first quarter of 2026, Togo imported up to N105 billion worth of Premium Motor Spirit (PMS) from Nigeria.

The export figure was contained in the National Bureau of Statistics (NBS) Foreign Trade Statistics Report for the first quarter of 2026. According to the report, PMS ranked among Nigeria’s major petroleum exports to the neighbouring country during the period.

The development highlights a dramatic shift in Nigeria’s downstream petroleum sector, which for years depended heavily on imported petrol due to inadequate domestic refining capacity.

Nigeria imported approximately $117m worth of petroleum oils (petrol/refined products) from Togo in 2023, and $72–77m in 2024.

It was gathered from the report that 2026 Q1 petrol exports to Togo were valued at N105.50bn, making the product one of the most significant energy commodities shipped from Nigeria to the West African nation.

The data further showed that gas oil exports to Togo stood at N278.36bn, while kerosene-type jet fuel exports were valued at N273.18bn. Crude petroleum oil exports amounted to N220.14bn, while partially refined oil, including crude oil that had undergone primary refinement, was valued at N89.83bn.

The emergence of petrol as a major export commodity follows the ramp-up of operations at the Dangote Petroleum Refinery, which has significantly increased the country’s refining output and transformed fuel supply dynamics within the sub-region.

The latest figures come amid revelations that petroleum products refined by the DPRP are increasingly dominating fuel movements across West Africa, with Togo’s offshore trading hub in Lomé playing a strategic role in regional distribution.

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An official of S&P Global Commodity Insights, Matthew Tracey-Cook, last Thursday disclosed that Nigerian fuel marketers have been importing refined petroleum products originating from the DPRP through the offshore ship-to-ship trading hub in Lomé, Togo.

Speaking during a webinar organised by the Major Energies Marketers Association of Nigeria, Tracey-Cook said Dangote-produced fuel now accounts for the majority of waterborne petroleum products imported into Nigeria.

“Dangote volumes on a coastal basis do arrive back in Lagos from Lomé. Over the last six months, if you look at the volume of products on a waterborne basis that’s imported directly into Nigeria, Dangote production has become increasingly dominant,” he stated.

Providing further insight into the changing regional trade pattern, he added, “For several months, from March until May, we saw well over 70 to 80 per cent of the volumes that were imported into Nigeria actually originated from Dangote; from their coastal Dangote volumes which were re-imported.”

According to him, similar trends have emerged in the diesel market, reflecting the refinery’s growing influence on fuel movements within the region.

“The increasing importance of the Dangote Refinery in terms of product that’s flowing into Nigeria is really evident from the data,” Tracey-Cook said.

He explained that despite growing direct coastal deliveries from the refinery, the Lomé offshore hub remains a critical component of West Africa’s fuel logistics chain.

According to him, the facility allows large tankers to discharge cargoes offshore before transferring products to smaller vessels capable of accessing ports across the region.

“Lomé has become an increasingly important transshipment hub for filling regional shortages across the region. It serves an important purpose, given that many ports in West Africa don’t have the capacity to take a fully laden medium-range vessel,” he stated.

The NBS figures suggest that Nigeria is gradually consolidating its position as a regional supplier of refined petroleum products following decades of fuel import dependence.

The Dangote Petroleum Refinery and Petrochemicals (DPRP) supplied about 5.84 billion litres of petrol to the Nigerian market in the first five months of 2026, which amounts to about 81.4 percent of total supply.

This was detailed in trend statistics from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for the period.

This is as the legal fireworks from the matter instituted by the DPRP over the continued importation of the product into Nigeria continue ragging.

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A review of supply data for January to May showed that the refinery supplied approximately 5.836 billion litres of petrol during the period, while importers brought in about 1.330 billion litres, bringing total market supply to roughly 7.166 billion litres.

Further checks indicated that for every litre of imported petrol, Dangote supplied about 4.4 litres, reinforcing the refinery’s growing dominance of Nigeria’s downstream market.

According to the data, the refinery supplied an average of 40.1 million litres per day in January, translating to about 1.243 billion litres for the month, while marketers imported 24.8 million litres daily or approximately 768.8 million litres during the same period.

This means that during that month, Dangote accounted for 61.8 per cent of combined supply, while imports represented 38.2 per cent. Besides, national petrol consumption averaged 60.2 million litres per day during the month, while the refinery operated at 61.27 percent capacity utilisation.

In February, the data showed that the DPRP supplied 36.6 million litres daily, equivalent to about 1.025 billion litres for the month, while imports plunged to 3 million litres per day or 84 million litres in total.

The refinery’s share of market supply rose sharply to 92.4 percent, leaving imports with just 7.6 percent. Consumption averaged 56.9 million litres daily, while capacity utilisation increased significantly to 78.24 percent.

The figures come amid an ongoing court case initiated by the DPRP seeking to halt the issuance of import licences for petrol and other refined petroleum products that can be sufficiently produced locally. The refinery has argued that continued importation undermines investments, discourages domestic refining and weakens Nigeria’s drive towards energy independence.

Also, the DPRP and supporters of the refinery’s position contend that by banning imports, Nigeria would conserve scarce foreign exchange, create jobs and deepen industrialisation. They maintain that allowing substantial imports into a market where local production capacity exists sends the wrong signal to investors.

However, the oil marketers and other stakeholders opposed to a complete halt in imports have argued that maintaining access to foreign supplies remains necessary to guarantee competition and prevent excessive market concentration.

According to them, allowing multiple suppliers helps ensure price discovery, protects consumers from potential supply disruptions and prevents a situation in which a single dominant refinery effectively controls the market. A fully liberalised downstream sector, they argue, should permit marketers to source products from any supplier, local or foreign, provided they meet regulatory requirements and offer competitive pricing.

Similarly, according to them, imports provide an important balancing mechanism and ensure that supply remains stable whenever local production falls below national demand. The outcome of the legal dispute is expected to shape the future structure of Nigeria’s downstream petroleum sector.

Still on the NMDPRA data, in March, Dangote supplied 34.2 million litres per day, amounting to approximately 1.060 billion litres during the month. Marketers imported 5.9 million litres daily or about 182.9 million litres in total. During that month, Dangote’s share of supply stood at 85.3 percent compared to imports’ 14.7 percent. Also, national consumption averaged 47.3 million litres daily, while refinery utilisation climbed further to 93.62 percent.

In April, the refinery supplied 40.7 million litres daily or approximately 1.221 billion litres during the month, while imports stood at 3.7 million litres daily, translating to about 111 million litres. Dangote accounted for 91.7 per cent of total supply, while imports represented 8.3 percent, with national consumption averaging 51.1 million litres daily and the refinery operating at 99.22 percent utilisation.

In the same vein, in May, the Dangote Refinery supplied 41.5 million litres daily, equivalent to approximately 1.287 billion litres during the month, while imports stood at 5.9 million litres daily or about 182.9 million litres in total.

The DPRP’s market share for the month stood at 87.5 percent compared to imports’ 12.5 percent, while national consumption averaged 47.4 million litres daily. The refinery utilisation reached 101.25 percent, the highest so far since it started operation.

Overall, the analysis showed that the refinery’s capacity utilisation rose steadily from 61.27 percent in January to 101.25 percent in May, underscoring the increasing role of the facility in meeting domestic fuel demand.

Over the same period, imports declined dramatically from 768.8 million litres in January to 84 million litres in February before fluctuating between 111 million litres and 182.9 million litres in subsequent months.

The data further showed that the DPRP exceeded imported volumes by about 474.3 million litres in January, 940.8 million litres in February, 877.3 million litres in March, 1.110 billion litres in April and 1.104 billion litres in May, highlighting the widening gap between local refining output and imported supplies.