Africa’s largest financial institution, Standard Bank Group, has reaffirmed its support for Dangote Industries Limited, pledging backing for the planned listing of the Dangote Petroleum Refinery while also expressing readiness to finance future expansion projects across the continent.
The commitment was made during a strategic visit by Standard Bank Group Chief Executive, Sim Tshabalala, alongside senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.
After touring the facilities, Tshabalala described the refinery as a transformative industrial project with significant implications for Nigeria and the wider African economy.
“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, to see this magnificent refinery and to discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions.”
He added that Standard Bank will play an active role in the refinery’s planned Initial Public Offering and future expansion efforts.
“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.”
Tshabalala further described the refinery as “a wonder of the world,” noting that it is already strengthening foreign exchange inflows, improving Nigeria’s balance of payments, and contributing to energy security.
“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,” he said.
Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the visit marked an important milestone 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,” he said. “Today, the refinery is fully operational and they can see what their support has helped to create. It is like nurturing a tree and eventually seeing it bear fruit.”
Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, also said the visit underscored the importance of long-term partnerships in delivering large-scale industrial projects.
“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group,” he said.
“This visit was an opportunity to demonstrate what that support has enabled. Seeing is believing, and it allows our partners to appreciate the scale of what has been achieved.”
Bird also disclosed that the refinery has exceeded its original design capacity, recording a recent performance test run of 700,000 barrels per day compared to its 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.”