The Securities and Exchange Commission (SEC) has explained why it directed capital market operators to immediately refund funds collected from investors in connection with a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE.

In a public notice issued on Tuesday, the Commission revealed that it had observed the circulation of advertisements, flyers, digital banners, and electronic messages across social media and investment platforms inviting members of the public to invest in the refinery through an alleged IPO.

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According to the SEC, the purported offer has not received regulatory approval, as the Commission has neither received nor approved any application from Dangote Petroleum Refinery & Petrochemicals FZE for a public offering.

The regulator expressed concern that some registered capital market operators were actively promoting the unapproved offer and soliciting subscriptions from prospective investors.

Explaining the reason for its directive, the SEC stated that the campaign was misleading and amounted to market manipulation capable of creating false expectations among investors and undermining confidence in Nigeria’s capital market.

The Commission noted that invitations encouraging members of the public to open accounts, pre-fund investments, or reserve guaranteed share allocations for the alleged IPO violate provisions of the Investments and Securities Act as well as existing market regulations.

As a result, the SEC ordered all registered operators, including stockbrokers and promoters of digital investment platforms, to immediately cease all advertising and promotional activities relating to the purported offer.

The Commission further directed operators to remove all related promotional materials from their websites, social media pages, and other communication channels within 24 hours.

In addition, firms were instructed to stop accepting deposits, investment commitments, account registrations, or expressions of interest linked to the alleged public offering.

To protect investors from potential losses, the SEC ordered any operator that had already collected funds in connection with the purported IPO to refund such monies within 24 hours.

The regulator warned that any operator that fails to comply with the directive risks facing sanctions under the Investments and Securities Act 2025 and the SEC Rules and Regulations.

The Commission also advised Nigerians to rely only on information released through approved regulatory channels and to ignore unofficial promotional campaigns or investment solicitations concerning the refinery.

SEC added that if Dangote Petroleum Refinery & Petrochemicals FZE eventually decides to proceed with a public offering and secures regulatory approval, an authorised prospectus will be published in line with the law.

The directive comes amid reports that the Dangote Group is considering listing a 10 per cent stake in its $20 billion refinery through a Pan-African IPO expected in 2026.

Dangote Petroleum Refinery has strongly dismissed allegations that its petroleum products are exported to Lomé, Togo, and later re-imported into Nigeria, describing the claims as a “tissue of lies” and lacking both factual and commercial basis.

In a statement released by its management on June 23, 2026, the refinery said the allegations were not supported by available trade flows or commercial logic, insisting that reports suggesting its products are routed through Togo before returning to Nigeria are false.

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The company stated that although it typically avoids responding to what it described as baseless and unsubstantiated claims, it was compelled to address the issue to set the record straight and preserve the facts for posterity.

“As a matter of policy, we do not respond to baseless and unsubstantiated claims, given our current determination and focus in ensuring energy security in Nigeria and Africa as a whole. However, we have decided to clear the air on these ill-motivated web of falsehoods for posterity,” the statement read.

Dangote Refinery said one of its primary objectives is to maintain and strengthen its position as a leading supplier of refined petroleum products in Nigeria, noting that facilitating imports that directly compete with its own products would contradict its business goals.

According to the company, its sales contracts and tender agreements expressly prohibit buyers from reselling or re-importing products into Nigeria.

The refinery further argued that the economics of such a trade arrangement make no sense.

It explained that transporting petroleum products from the refinery to Lomé and subsequently back into Nigeria would cost between $82 and $90 per metric tonne, significantly reducing profitability and making such transactions commercially unattractive.

It added that it does not provide export discounts large enough to offset those logistics costs or create any viable arbitrage opportunity between export and domestic markets.

“Simply put, there is no evident commercial incentive for a producer to incur additional shipping, storage, financing and handling costs only for the product to return and compete in its largest and closest market,” the company said.

Dangote Refinery also highlighted its strict product traceability and compliance measures, revealing that it maintains detailed records of all product sales, including lifting locations, nominated vessels, counterparties and destination declarations where applicable.

The company maintained that any suggestion it knowingly facilitates the re-importation of its products is inconsistent with its contractual restrictions and established compliance procedures.

Reaffirming its commitment to Nigeria’s energy independence, the refinery said it has consistently advocated for reducing the country’s dependence on imported petroleum products, warning that increased imports undermine local refining efforts, place pressure on foreign exchange reserves and weaken domestic industrial development.

“It would therefore be inconsistent with both the refinery’s commercial interests and its publicly stated position to support or encourage practices that increase imports into Nigeria,” the statement added.

The refinery concluded that there is neither a strategic rationale nor a commercial incentive for it to export products to neighbouring countries for subsequent re-importation into Nigeria, stressing that the allegations are not supported by the economics of the trade, contractual arrangements, product traceability records or its long-standing commitment to strengthening domestic refining capacity.

France has confirmed its first-ever case of Ebola virus disease, triggering concern across Europe as health authorities move swiftly to contain the deadly infection.

The French Health Ministry announced on Wednesday that a doctor returning from the Democratic Republic of Congo (DRC), which is currently battling a major Ebola outbreak, tested positive for the virus after arriving in France.

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According to officials, the patient was immediately isolated upon arrival, even before laboratory tests confirmed the diagnosis, helping to reduce the risk of transmission.

In a statement, the ministry confirmed the identification of “a first positive case of Ebola virus disease on national territory,” marking the first time the virus has been detected in France.

The development also represents the first confirmed Ebola case recorded outside Africa during the current outbreak, which has affected both the Democratic Republic of Congo and Uganda.

French authorities disclosed that the case was detected in mainland France, while Prime Minister Sebastien Lecornu is closely monitoring the situation as health agencies intensify surveillance and response measures.

The current outbreak in the DRC was officially declared on May 15 following a series of unexplained deaths in the eastern Ituri Province.

The outbreak involves the Bundibugyo strain of the Ebola virus, for which there is currently no approved vaccine or specific treatment.

Despite growing concerns, public health experts have stressed that the risk of widespread global transmission remains low because Ebola is less contagious than many airborne infectious diseases.

The virus spreads through direct contact with infected bodily fluids and contaminated materials.

Ebola is a severe and often fatal haemorrhagic fever that can cause symptoms including high fever, weakness, muscle pain, vomiting, diarrhoea, and in severe cases, internal and external bleeding.

French health authorities have assured the public that all necessary precautions are being taken to contain the case and prevent any further spread of the disease.

The announcement has nevertheless sparked anxiety across Europe, given the deadly nature of the virus and its emergence outside the African continent during the ongoing outbreak.