By Stephen Simon
Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to support the growth of Dangote Industries Limited, pledging backing for the planned listing of the Dangote Petroleum Refinery while expressing readiness to finance future expansion projects across the continent.
The commitment came 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 transformational industrial project with far-reaching implications for Nigeria and Africa.
“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.”
Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering (IPO), while also providing financial advisory services and balance-sheet support for future projects.
“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 wonder to behold,” noting that it is already making a significant contribution to Nigeria’s economy through stronger 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 a significant 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. 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,” Edwin said.
Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, described Standard Bank as one of the refinery’s strongest institutional supporters and said the visit underscored the importance of long-term partnerships in delivering large-scale industrial projects.
Bird also revealed that the refinery has exceeded its original nameplate capacity of 650,000 barrels per day, successfully completing performance test runs at 700,000 barrels per day. According to him, the achievement demonstrates the technical strength of the facility and its workforce.
The Dangote Petroleum Refinery, built at an estimated cost of $20 billion in Lagos, is regarded as the world’s largest single-train refinery. The planned IPO is expected to rank among the largest equity offerings in Africa and is aimed at broadening investor participation in one of the continent’s most significant industrial assets.
