Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to supporting the growth of Dangote Industries Limited, including plans for the upcoming listing of the Dangote Petroleum Refinery and future expansion projects across Africa.
The assurance was given during a strategic visit by Standard Bank Group Chief Executive Officer, Sim Tshabalala, and other 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 that is making a significant impact on Nigeria and the African continent.
According to him, Dangote Group remains one of Africa’s most important industrial players, while Standard Bank is committed to strengthening its long-standing partnership with the company.
Tshabalala said the bank intends to play a major role in the refinery’s planned Initial Public Offering (IPO) and provide financial advisory services and funding support for future growth initiatives.
He noted that as Dangote expands its operations across Nigeria and other African countries, Standard Bank is prepared to support those ambitions through financing and strategic advisory services.
The banking executive described the refinery as “a wonder of the world,” highlighting its contribution to foreign exchange earnings, improved balance-of-payments performance and enhanced energy security.
He added that the project is already making a meaningful impact on Nigeria’s economy and the lives of millions of people.
Group Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said the visit marked an important milestone in a partnership that began during the refinery’s construction phase.
Edwin recalled that Standard Bank supported the project from its early stages and had confidence in its vision and scale.
He said the refinery is now fully operational, demonstrating the success of the collaboration between both organisations.
According to him, discussions are ongoing to explore additional opportunities for cooperation as Dangote continues to expand its industrial footprint across Africa.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, David Bird, also praised Standard Bank for its consistent support throughout the refinery’s development.
Bird said the visit provided an opportunity for the bank’s leadership to witness firsthand the scale and achievements of the project.
He stressed that strong and long-term partnerships remain essential for the successful execution of large-scale industrial investments.
The visit coincided with a major operational achievement for the refinery.
Bird disclosed that the facility has surpassed its original design capacity after successfully completing performance test runs at 700,000 barrels per day.
The refinery was originally designed to process 650,000 barrels per day, making the latest achievement a significant milestone.
According to Bird, the increased output reflects the refinery’s engineering flexibility, technical expertise and operational efficiency.
The development further strengthens the refinery’s position as one of the largest and most advanced refining facilities in the world.
