By Aduragbemi Omiyale

The marketing and promotion of the planned initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE has been banned by the Securities and Exchange Commission (SEC).

A statement from the apex capital market regulator on Tuesday emphasised that it had yet to receive any application for such an offer or approve the purported IPO.

SEC noted that 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.

It 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.

“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 agency noted, adding 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 SEC directed all Registered Capital Market Operators, particularly stockbrokers and digital platform promoters, to immediately stop all promotional activities.

It also directed 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.”

The commission further ordered operators to “remove or take down all such unauthorised 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 organisation 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.”

SEC 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.

By Aduragbemi Omiyale

The N6.3 billion shares of Ellah Lakes Plc converted from debt to equity have been listed on the Nigerian Exchange (NGX) Limited.

Instead of paying its creditors N6.3 billion loans in cash, Ellah Lakes triggered the option of paying back in equities.

According to a notice from NGX Regulation Limited on Tuesday, the company gave the creditors a total of 2,252,142,858 ordinary shares of 50 Kobo at a unit price of N2.80, amounting to N6.306 billion.

The listing of these additional stocks of Ellah Lakes has raised its total issued and fully paid-up shares to 6,110,316,536 ordinary shares of 50 Kobo each from 3,858,173,678 ordinary shares of 50 Kobo each.

“Trading licence holders are hereby notified that additional 2,252,142,858 ordinary shares of 50 Kobo each of Ellah Lakes Plc were today, Tuesday, June 23, 2026, listed on the daily official list of Nigerian Exchange Limited.

“The additional shares listed on NGX arose from Ellah Lakes Plc’s conversion of N6,306,000,000.00 debt-to-equity.

“With this listing of the additional 2,252,142,858 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes Plc has now increased from 3,858,173,678 to 6,110,316,536 ordinary shares of 50 Kobo each,” the circular signed by Bonaventure Onwuji for the Head of Issuer Regulation Department stated.

By Adedapo Adesanya

The Federal Ministry of Petroleum Resources has conscripted the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Nigeria Police Force to address the hoarding and diversion of Liquefied Petroleum Gas (LPG), also known as cooking gas, to neighbouring countries.

A statement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday stated that the move followed the recent increase in LPG (cooking gas) prices and developed coordinated measures to improve supply, affordability, and market stability across the country.

Business Post reports that in recent weeks, prices of the fuel have gone as high as N2,400 per kg in some areas in Lagos and Ogun State, but have since dropped to around N1,900 and N2,000 in the last few days.

In a statement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday, the meeting also brought together other key government officials, regulators, producers, marketers, terminal operators, and industry associations to examine factors contributing to rising LPG prices and agree on practical interventions to strengthen the value chain.

Speaking at the engagement, the Permanent Secretary, Ministry of Petroleum Resources, Mrs Patience Oyekunle, described LPG as a critical energy source for households and an important component of Nigeria’s energy transition agenda.

She noted that rising LPG prices are putting additional pressure on household budgets and increasing the cost of essential goods, stressing the need for collective action to improve access to affordable cooking gas.

While speaking at the meeting, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, stated that President Bola Tinubu is concerned about the impact of rising LPG prices on Nigerians and has directed relevant agencies to take proactive steps to address the situation.

He emphasised that increased supply must be supported by efficient logistics, improved infrastructure, and transparent pricing mechanisms to ensure consumers benefit from interventions across the sector.

The chief executive of the NMDPRA, Mr Rabiu Umar, noted that high landing costs continue to influence cooking gas prices but expressed optimism that ongoing measures across the value chain would begin to ease market pressures in the coming weeks.

He added that the authority is working with producers and other stakeholders to increase domestic supply, strengthen market oversight, and support interventions that will improve availability.