SEC halts Dangote Refinery IPO promotions, warns investors against unauthorized solicitations
via Punch Nigeria3 min read
The Securities and Exchange Commission SEC has ordered capital market operators to immediately cease all promotional activities related to a purported initial public offering IPO by Dangote Petroleum Refinery and Petrochemicals FZE. The SEC stated it has not received or approved any application for such an offer, despite the circulation of advertisements, flyers, and electronic mails promoting a supposed public offering. The commission expressed concern over the involvement of some registered capital market operators in what it described as an "unwholesome and manipulative exercise," noting that operators were soliciting advance subscriptions for an unapproved offer. The SEC warned that these activities could mislead investors, distort market expectations, and undermine capital market integrity. It clarified that invitations for investors to create accounts, pre-fund investments, or secure guaranteed allocations constitute market manipulation and violate the Investments and Securities Act. All registered capital market operators, including stockbrokers and digital platform promoters, are directed to stop publishing promotional materials, remove unauthorized content within 24 hours, and cease accepting deposits or expressions of interest. Operators are also ordered to reverse and refund all collected funds to clients within 24 hours. Non-compliance will result in sanctions under the Investments and Securities Act 2025 and SEC Rules and Regulations. The SEC advised investors to
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Adamawa State Governor Ahmadu Fintiri has appointed former Secretary to the Government of the Federation, Boss Mustapha, as the state's representative on the Board of Trustees of the Northern Nigeria Security Trust Fund. The Chief Press Secretary to the Governor, Humwashi Wonosikou, announced the appointment, stating it reflects the administration's commitment to strengthening regional security and ensuring Adamawa State's representation in key decision-making bodies. The Northern Nigeria Security Trust Fund, established by the Northern Governors' Forum, is a sub-national initiative to complement security agencies' efforts. It aims to support intelligence coordination, provide operational logistics, enhance inter-state collaboration, and promote community-based security initiatives across the 19 northern states. Governor Fintiri described Mustapha as a seasoned public servant whose experience, leadership, and national stature qualify him to represent Adamawa State's interests. Fintiri expressed concern over security challenges in Northern Nigeria, including banditry, terrorism, kidnapping, and communal clashes, highlighting the need for proactive measures like the Trust Fund. He is confident that Mustapha will use his experience to advance the fund's objectives, foster synergy among states, and ensure Adamawa's voice is heard in the pursuit of a safer Northern Nigeria. The governor reiterated his administration's commitment to collaborating with federal and regional stakehold
Ten Local Government Areas in Gombe State are experiencing severe food security issues, as revealed by the 2024/2025 Gombe State General Household Survey and Multiple Indicator Cluster Survey. Alhaji Ibrahim Dule, the Statistician-General of the state, shared this information at a three-day capacity-building workshop for local council officials. The workshop, organized by the Gombe State Ministry of Budget and Economic Planning in collaboration with UNICEF, aims to address multidimensional poverty among children in 11 LGAs. The survey also indicated that 65 percent of households in the state have access to drinking water, 51.5 percent have access to improved sanitation, and 50.5 percent have access to electricity. Nuzhat Rafique, UNICEF Chief of Field Office, Bauchi, expressed concern over the high level of child poverty, stating that the survey showed seven out of 10 children in the state experience multidimensional poverty. UNICEF is supporting Gombe State to expand social protection programs, improve healthcare access, and tackle severe child food poverty, focusing on highly deprived LGAs such as Dukku, Balanga, and Nafada. Jalo Ali, Permanent Secretary, Gombe State Ministry of Finance, urged participants to use the training to enhance their capacities and adopt cross-sector thinking to address the multidimensional nature of child poverty.
Must ReadCristiano Ronaldo made history by becoming the first man to score in six different World Cup campaigns after netting against Uzbekistan in Houston. The 41-year-old Portugal captain scored from close range after six minutes, marking a significant moment in his career. His first World Cup goal was against Iran in 2006. Ronaldo had faced criticism for a goalless run in major international tournaments, including a recent 1-1 draw with the Democratic Republic of Congo. Prior to the Uzbekistan match, he had recorded zero goals and one assist in his previous 10 major competition games. Ronaldo, who made his international debut in 2003, currently plays for Al Nassr in Saudi Arabia, where he scored 28 goals in 30 league games this season. He nearly scored earlier in the match, narrowly missing a cross from Nuno Mendes.