Big public share offers bring out ordinary investors, and they also bring out people hoping to take advantage of them. The public offer of shares in Dangote Petroleum Refinery and Petrochemicals, one of the most talked-about listings in Nigeria’s history, is the latest example. Nigeria’s Securities and Exchange Commission (SEC) has issued warnings about unauthorised platforms, and in early October it publicly named one.

If you, your family or your staff were interested in the offer, or are being approached about any share or investment deal, this is the moment to slow down and verify.

What happened

The refinery’s public offer opened on the Nigerian Exchange (NGX) on 14 September 2026. According to reports at the time, it offered 4.1 billion new ordinary shares at N525 each, with a minimum subscription of 10 shares, and was expected to run until 13 October 2026, subject to the prospectus. On the day the offer opened, the SEC warned the public to ignore “unauthorised and fraudulent platforms” and to subscribe only through approved channels such as NGX Invest, designated banks and authorised investment platforms.

Then, in a notice dated 9 October and posted on its website the next day, the SEC said a platform called WayvePay, which had promoted the offer through a newspaper advertisement, is not registered by the Commission to solicit investments from the public or operate in Nigeria’s capital market. The SEC warned that dealing with unregistered entities exposes investors to fraud and potential loss, and that anyone dealing with the platform on capital market matters does so at their own risk.

The SEC’s notice concerns registration status. It does not, by itself, describe what the platform did with any money received. But the principle is the same for every investor: if a platform is not registered to take your investment, your money has no regulatory protection.

How fake share offers usually work

Scams built around popular listings follow familiar patterns. Watch for:

• “Guaranteed allotment” promises. Real public offers allocate shares according to the prospectus. No one can legitimately guarantee you a bigger allocation for a fee.
• Late or “special window” offers. Messages claiming you can still buy at the offer price after it closes, or ahead of other investors, are a red flag.
• Discounted “pre-listing” shares. Offers to sell shares below the official price through a private arrangement are almost always fraudulent.
• Payments to personal accounts. Legitimate subscriptions go through banks, stockbrokers and approved platforms, not into an individual’s account or a wallet number sent on WhatsApp.
• Pressure and secrecy. The SEC lists unrealistic profit promises, pressure to decide quickly and demands for upfront payment through suspicious channels as classic warning signs.
• Look-alike adverts and pages. Social media adverts, fake websites and Telegram groups may borrow real company names, logos and photos to look official.

How to verify before you invest

1. Check registration. Visit the SEC’s official website at sec.gov.ng and confirm the platform or broker is registered. Type the address yourself rather than clicking links in messages.
2. Use known channels. Subscribe to public offers only through licensed stockbrokers, your own bank’s official channels or platforms named in the official prospectus.
3. Read the prospectus. It sets out the offer price, dates, receiving agents and how shares are allotted. Anything that contradicts it is suspect.
4. Confirm your CSCS account. Shares bought on the Nigerian market are held through the Central Securities Clearing System. Ask your stockbroker how to confirm your holdings independently.
5. Call to confirm. If someone claims to represent a bank or broker, end the conversation and call the institution using a number from its official website.

If you have already paid

Act quickly. Contact your bank immediately to report the transfer and ask whether it can be traced or stopped. Keep every receipt, message, phone number and account detail. Report the platform to the SEC through its official channels and to the police. Be careful of anyone who later contacts you offering to “recover” your money for a fee; recovery scams often target people who have just lost money.

What you should do

• Never invest through a platform you have not verified on the SEC website.
• Ignore offers of guaranteed allocations, discounts or late access to any share offer.
• Pay only through licensed brokers, banks or channels named in the official prospectus.
• Warn your staff and family, especially those new to investing, and share the SEC’s official website.
• Report suspicious offers to the SEC so others can be warned.

A genuine opportunity will still be genuine after you take ten minutes to check. A scam depends on you not checking at all.

Sources

• SEC Exposes Unapproved Platform Offering Dangote Refinery IPO Shares to Nigerians – Legit.ng
• Nigeria: Dangote Refinery IPO – SEC Warns Investors Against Fraudulent Platforms – AllAfrica
• Run From Any Unregistered Online Investment Platform, SEC Warns Nigerians – Business Post

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