By Ayomide Otitoju
Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to supporting the growth of Dangote Industries Limited, pledging support for the planned listing of the Dangote Petroleum Refinery and future expansion projects across Africa.
The commitment was made during a strategic visit by Standard Bank Group Chief Executive, Sim Tshabalala, and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.
Speaking after touring the facilities, Tshabalala described the refinery as a transformative industrial project with significant economic implications for Nigeria and the African 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.
According to him, Standard Bank has partnered with Dangote Industries on several initiatives and remains committed to supporting the Group’s long-term growth strategy.
Tshabalala disclosed that the bank intends to play a leading role in the refinery’s planned Initial Public Offering (IPO) and provide financial advisory and funding support for future expansion programmes.
“As Dangote lists, there is an IPO coming up, and we are a leading player in that process,” he said. “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 described the refinery as “a wonder of the world,” noting that it is already contributing to Nigeria’s economy through increased foreign exchange earnings, improved balance-of-payments performance and enhanced energy security.
Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the visit marked another milestone in the partnership between both organisations, which began during the refinery’s construction phase.
“The bank visited us during construction and understood the scale of what we were building,” Edwin said. “Today, the refinery is fully operational and they can see what their support has helped to create.”
He added that both organisations are exploring additional opportunities for collaboration as Dangote expands its industrial operations across Africa.
Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, also commended Standard Bank’s longstanding support for the refinery project.
“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 visit provided an opportunity for the bank’s leadership to appreciate the scale and impact of the project firsthand.
The visit coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.
According to Bird, the facility recently completed performance test runs at 700,000 barrels per day, surpassing its installed nameplate capacity of 650,000 barrels per day.
“We have always believed there was engineering flexibility built into the design,” he said. “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.”
