Dangote Petroleum Refinery and Petrochemicals has denied recent reports regarding a potential Initial Public Offering (IPO).
In a statement on Friday, DPRP said it noted with concern the “circulation of unauthorised information across various media and social platforms”, describing them as “unofficial”, “unverified”, and in some instances, “inaccurate” information relating to a potential offering.
“Such reports do not originate from DPRP and should be treated with caution”, it said, adding that “all official updates regarding any potential transaction will be communicated strictly through DPRP’s formal public disclosures and announcements issued by its appointed advisers, in line with applicable laws and regulatory requirements.”
The clarification comes amid previous indications by the President of Dangote Group, Aliko Dangote, that the refinery could eventually be listed on the stock market.
In an earlier report, Dangote disclosed plans to list a portion of the refinery to attract investors and deepen participation. He said the company intended to sell a minority stake, noting, “We don’t want to keep more than 65 to 70 per cent. Shares will be offered incrementally, depending on investor appetite and market depth.”
Dangote had also previously expressed a broader commitment to listing companies within his conglomerate. Similarly, capital market stakeholders had earlier indicated that the refinery would be listed, with the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, quoting Dangote as saying the refinery would be brought to the stock market.
In the latest update, however, it warned the public, investors, and all market participants to disregard speculative commentary and rely solely on verified information formally issued by DPRP or its authorised representatives.
“DPRP remains committed to the highest standards of transparency, corporate governance, and market integrity. The Enterprise also underscores the importance of responsible public communication and urges commentators, analysts, and social media influencers to rely only on authenticated information.
“DPRP assures stakeholders that, when appropriate, comprehensive and accurate details regarding any proposed transaction will be made available through official channels, including regulatory filings, authorised press releases, and coordinated communications by the Enterprise and its appointed advisers.”
“This communication is for information purposes only and does not constitute, or form part of, an offer to sell or a solicitation of an offer to buy any securities. Any such offer, if made, will be undertaken solely on the basis of duly authorised offer documentation and in compliance with all applicable laws and regulatory requirements”, the statement added.