By Lydia Bello
Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to supporting the growth strategy of Dangote Industries Limited, including the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery.
The bank’s Chief Executive, Sim Tshabalala, committed during a high-level visit to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos, where he described the facilities as landmark industrial assets with significant implications for Nigeria’s economy and Africa’s energy landscape.
Tshabalala said Standard Bank’s partnership with Dangote Group reflects a shared vision of supporting large-scale industrial development across the continent.
“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” he said.
“Standard Bank is the largest financial institution in Africa and we have partnered with Dangote on a variety of initiatives. We are here to lend support, see this magnificent refinery and discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions.”
The Standard Bank CEO confirmed that the bank would play a key role in the refinery’s proposed IPO process while remaining available to provide financial advisory services and capital support for future expansion plans.
“As Dangote lists, there is an IPO coming up and we are a leading player in that process. As the Group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both,” he said.
He described the refinery as a major industrial achievement, noting that its operations are already contributing to Nigeria’s energy security, foreign exchange position and broader economic performance.
“This is a wonder to behold. It is massive, productive and transformative. It is already making a significant contribution to Nigeria’s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians,” Tshabalala added.
Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the visit marked an important moment in a partnership that began during the refinery’s construction phase.
“The bank visited us during construction and understood the scale of what we were building. Today, the refinery is fully operational and they can see what their support has helped to create,” Edwin said.
He added that both organisations are exploring further areas of cooperation as Dangote continues to expand its industrial investments across Africa.
The Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, said the visit demonstrated the value of long-term partnerships in delivering complex industrial projects.
“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group,” Bird said.
He noted that the refinery has achieved a major operational milestone after completing performance test runs above its original design capacity.
According to Bird, the facility recently reached sustained production levels of 700,000 barrels per day, exceeding its initial nameplate capacity of 650,000 barrels per day.
“We have always believed there was engineering flexibility built into the design. Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our people and the strength of the systems we have built,” he said.
The development positions the Dangote Petroleum Refinery as one of the world’s largest single-train refineries and a major component of Nigeria’s strategy to reduce dependence on imported petroleum products while strengthening domestic refining capacity.