“It’s a Ponzi Scheme” — VeryDarkMan Threatens MTN Lawsuit Over Dangote IPO

Social commentator Martins Vincent Otse, popularly known as VeryDarkMan, has threatened to take telecommunications giant MTN to court over promotional messages he said were sent to his phone in connection with the Dangote Refinery Initial Public Offering.

VeryDarkMan raised questions over how his phone number, which he described as being linked to his National Identification Number, was allegedly used to send him advertisements encouraging Nigerians to participate in the Dangote Refinery IPO.

He demanded an explanation from MTN and warned that his lawyers would contact the company over the matter.

The activist made the threat in a social media video on Tuesday while reacting to the promotional message he said he received.

According to him, he did not give consent for his number to be used for the promotion.

“MTN my lawyers will write you. Why was my NIN-linked number used for Dangote IPO ads without my consent? I need an explanation or we’ll meet in court,” he said.

VeryDarkMan questioned the manner in which customers’ personal information is handled by telecommunications companies, particularly when the information is used for commercial purposes.

He said the issue was not simply about receiving an unsolicited message but about how his personal information could have been made available for a third-party promotional campaign.

He further demanded to know whether MTN had obtained the required consent before using his number to promote the Dangote share offer.

The development comes as the Dangote Petroleum Refinery and Petrochemicals FZE formally opened its much-publicised public offer on Monday, September 14.

The company is offering 4.1 billion ordinary shares at N525 per share.

If fully subscribed, the offer is expected to raise about N2.15 trillion.

The offer is being presented as an opportunity for Nigerians and other eligible investors to acquire an ownership stake in Africa’s largest refinery.

The minimum subscription is 10 shares, meaning an investor can participate with N5,250.

The offer is expected to remain open until October 13, 2026, subject to the terms contained in the prospectus.

The refinery’s public offer has attracted much attention because of its size and the scale of the facility.

The transaction is one of the biggest public share offerings in Nigeria and is being positioned by Dangote as a way of widening public participation in the refinery.

Dangote has described the transaction as a “People’s IPO”.

Speaking at the opening ceremony at the Nigerian Exchange in Lagos, the businessman said the objective was to give ordinary Nigerians an opportunity to own part of the business.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’,” Dangote said.

He had also stated that the offer was aimed at making wealth creation more accessible to Nigerians.

But VeryDarkMan has taken a different position on the share offer.

While questioning the manner in which the IPO is being promoted, he also criticised Dangote’s business model and the cost of some essential commodities in Nigeria.

He described the IPO as resembling a Ponzi scheme and challenged Dangote to do more to reduce the prices of products used daily by Nigerians.

“The whole Dangote IPO thing looks like a Ponzi scheme to me. if Dangote really cares about Nigerians, he should reduce the price of cement, fuel, rice, and sugar instead of selling refinery shares for 5000 naira.”

The Dangote Group has said the funds raised will support the expansion of the refinery.

The facility currently has a production capacity of about 700,000 barrels per day and plans are in place to increase capacity significantly in the coming years.

The company has also said the public offer will allow Nigerians to participate in the ownership of the refinery rather than leaving the investment solely in the hands of existing shareholders.

The Securities and Exchange Commission had earlier approved the offer after the company submitted its application and relevant documents.

The SEC has also warned members of the public against fraudulent platforms and individuals pretending to offer access to the Dangote IPO.

However, the dispute raised by VeryDarkMan is separate from the regulatory approval of the IPO.

His complaint centres on the alleged use of his telephone number for promotional purposes without his consent.

Under Nigeria’s data protection framework, the issue of consent is an important part of the processing of personal information.

The Nigeria Data Protection Act gives data subjects rights over how their personal information is collected and processed.

The Act also gives individuals the right to object to the processing of their personal data for direct marketing purposes.

The Nigeria Data Protection Commission has explained that personal data processing includes activities such as collection, storage, retrieval, use, disclosure and transmission of personal information.

The commission also recognises the right of individuals to object to the processing of their information.

The Nigeria Data Protection Act further provides that where personal data is being processed for direct marketing, a data subject can object to such processing.

The General Application and Implementation Directive issued by the data protection authorities also requires consent for direct marketing activities.

Nonetheless, It is not yet clear whether MTN has responded publicly to VeryDarkMan’s allegation or whether the company authorised the specific message he referred to.

VeryDarkMan said he expected an explanation from the telecoms company before deciding on the next step.