Dangote Petroleum Refinery and Petrochemicals (DPRP) has denied reports suggesting plans for an imminent Initial Public Offering (IPO), describing such claims as unauthorised and misleading.
In a statement issued on Friday, the company said it had “noted with concern the circulation of unauthorised information across various media and social platforms”, characterising the reports as “unofficial”, “unverified”, and in some instances “inaccurate”.
“Such reports do not originate from DPRP and should be treated with caution,” the company stated, 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 follows earlier remarks by Aliko Dangote, President of the Dangote Group, who had indicated that the refinery could eventually be listed on the stock market as part of efforts to attract investment.
Dangote had previously outlined a plan to sell a minority stake in the refinery, stating, “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.”
He had also expressed a broader commitment to listing companies within the conglomerate, a position echoed by capital market stakeholders, including the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, who earlier indicated that the refinery would be brought to the stock market.
However, DPRP, in its latest statement, urged investors and the general public to disregard speculative commentary and rely only on verified information issued through official channels.
“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.”
The company further assured stakeholders that any future developments regarding a potential transaction would be communicated transparently.
“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.”
It emphasised that the statement does not constitute an offer to sell securities.
“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.
