With members of the public showing much zeal to take up the equities made available by the Dangote Petroleum Refinery and Petrochemicals (DPRP), in its Initial Public Offering (IPO), financial institutions have warned against the activities of scammers.

On Tuesday, they counselled investors against disclosing sensitive banking information to parties claiming to facilitate the purchase of the refinery’s shares.

This is coming after the IPO drew about N1.5 trillion in subscriptions within the first 6 hours of trade on the floor of the Nigerian Exchange Limited (NGX), signaling extraordinary investor appetite for what could be one of Africa’s biggest share sales after the likes of MTN.

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The rush by Nigerians to buy shares in the DPRP overwhelmed some local investment and trading platforms, with investors reporting difficulties accessing the apps as the IPO opened last Monday.

The unprecedented demand followed the commencement of the N2.15 trillion share offer by the Dangote Industries Limited (DIL), which sought to sell 4.1 billion shares in the refinery at N525 per share.

Urging Nigerians to participate, Chief Executive, Dangote Industries Limited, Aliko Dangote, assured investors that the public offering presents a compelling opportunity for strong returns and sustainable wealth creation.

Following the announcement, the Securities and Exchange Commission (SEC) in a public statement, cautioned prospective investors to be vigilant and use only approved channels when subscribing to the IPO.

The Commission confirmed that it had approved the refinery’s public offer and urged investors to ensure that all applications and payments are processed exclusively through authorised receiving agents, approved subscription platforms, and designated channels.

In the same vein, banks urged customers to be particularly careful with unsolicited messages, calls and social-media offers promising access to shares or preferential allocations.

They pointed out that legitimate banks will not request highly sensitive information such as a customer’s full card number, personal identification number (PIN), card verification value (CVV) or one-time password (OTP) through unsolicited calls, text messages or online communications.

In a notification sent to its customers, Access Bank, said, “Buying the Dangote Refinery IPO? Remember, Access Bank will never ever ask for your full card number, PIN, CVV or OTP.

If you have shared the above information with anyone, please dial *901*911# to block your account”.

The warning highlights a familiar tactic used by financial fraudsters: exploiting public interest in a major corporate transaction to make fraudulent requests appear legitimate.

Scammers may present themselves as bank officials, investment advisers, brokers or representatives involved in the share offering. They can use official-looking logos, convincing language and references to well-known companies to persuade potential victims that a transaction is genuine.

Banks are therefore advising customers to independently verify investment opportunities before transferring money or providing personal information. Investors should rely on official communications and established financial channels rather than links or contact details supplied through unexpected messages.

The DPRP, one of Africa’s most prominent industrial projects, has generated significant interest in Nigeria’s capital markets and broader business community. Any potential share offering connected to the company is likely to attract considerable attention from retail and institutional investors.

That visibility, however, also creates an opportunity for criminals.

Financial institutions say customers who have already disclosed sensitive banking information should act immediately rather than wait to determine whether their accounts have been compromised. Promptly contacting the bank and taking steps to block or secure an account can help limit potential losses.

The latest warnings also underscore the wider challenge facing Nigeria’s financial sector as digital banking and mobile transactions become increasingly common. Fraudsters have increasingly sought to exploit moments of heightened public interest, particularly when consumers are eager to participate in investments that appear to offer significant returns.

For prospective investors, the message from banks is straightforward, enthusiasm for an investment opportunity should not override basic security precautions.

In a move perceived as an important milestone in the company’s journey to accelerate its Beyond XXX vision and drive the next phase of growth, innovation, and impact, Sahara has announced the appointment of Chidilim Menakaya as Managing Director.

Menakaya is a seasoned transformation and strategy executive, bringing more than two decades of leadership experience spanning Africa, Asia, Europe, and the Middle East.

Prior to her appointment, Menakaya served as Director of the Sahara Foundation, where she led the company’s sustainability and social impact agenda.

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Under her leadership, the Foundation expanded the reach of Sahara’s EXTRApreneurship model, strengthened strategic partnerships, and deepened socio-economic impact across communities in the company’s locations.

Widely respected for her collaborative leadership style, strategic insight, and ability to build high-performing teams, she has consistently demonstrated a commitment to developing people, driving innovation, and delivering measurable outcomes.

Commenting on the appointment, Executive Director, Sahara, Ade Odunsi, said the decision reflects Sahara’s confidence in purposeful leadership and its commitment to building the future from within.

“For over three decades now we have remained committed to our vision of bringing energy to life responsibly. Beyond XXX represents our commitment to shaping the future through bold thinking, innovation, sustainability, and shared value creation. Chidilim’s appointment reflects these aspirations. We are confident that under her leadership, Sahara will continue to expand the frontiers of impact and create sustainable value for stakeholders across our markets.”

Odunsi noted that the appointment signals Sahara’s determination to build a resilient, future-focused enterprise capable of thriving in an increasingly dynamic global environment.

As Managing Director, Menakaya will provide strategic leadership for steering Sahara’s Beyond XXX agenda, enhancing stakeholder value, and positioning Sahara for continued growth and global relevance.

Menakaya holds executive and professional qualifications from leading global institutions, including London Business School, INSEAD, and Manchester Business School. She is also a certified Human Resources Business Partner, Transformation and Reputation Manager, and Prosci-certified Change Management Practitioner.

The Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering (IPO), has been described as an important precedent in the Nigerian capital market.

Sharing the view in a statement on Monday, Olaniwun Ajayi LP also expressed its pleasure at having advised on the IPO while acting as Joint Solicitor to the transaction.

According to a Forbes report on Monday, Africa’s richest man, Aliko Dangote, saw his fortune rise to $51.3 billion following the launch of the refinery’s highly anticipated IPO on the Nigerian Exchange (NGX), amid strong investor demand on the opening day.

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The transaction was brought to the market by a consortium of professional advisers, including Olaniwun Ajayi LP, which acted as the Joint Solicitors to the issue.

In that capacity, the firm advised Dangote Refinery on the legal aspects of the offer, from transaction structuring and regulatory engagement through to launch

According to the law firm, the transaction is expected to be the largest IPO in both Nigeria and Africa, marking the first public offer of shares by a Nigerian Free Zone Enterprise (NFZE) in Nigeria.

The law firm stated that the transaction matters beyond the deal as it “establishes an important precedent for capital raising by Free Zone Enterprises”, while contributing to the continued development of the Nigerian capital market.

It added that the proceeds are intended to support DPRP’s long-term growth strategy, including the expansion of its refining and petrochemicals capacity.

The law firm stressed that the offer broadens public participation in one of Africa’s most significant industrial assets.