Africa’s largest lender, Standard Bank Group, has reaffirmed its support for Dangote Industries Limited, pledging to back the planned listing of the Dangote Petroleum Refinery and finance future expansion across Africa.
The commitment followed a strategic visit by Standard Bank Chief Executive Sim Tshabalala and senior executives to the refinery and fertiliser complex in Lagos.
Speaking after touring the facilities, Tshabalala described the refinery as a transformational project with significant economic impact for Nigeria and the continent.
“We are here because the Dangote Group is a large and important global player… we are here to lend support and discuss how we can continue supporting the Group’s growth ambitions,” he said.
He confirmed that Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering (IPO), as well as provide financial advisory and funding support for future projects.
“As Dangote lists, there is an IPO coming up and we are a leading player in that process,” he added.
Tshabalala also described the refinery as “a wonder of the world,” noting its growing contribution to foreign exchange earnings, energy security and Nigeria’s balance of payments.
Officials of the Dangote Group said the visit marked a significant step in a long-standing partnership.
Group Vice President (Oil and Gas), Devakumar Edwin, noted that the bank had supported the project from its construction phase, while the refinery’s Managing Director, David Bird, highlighted the role of strategic partnerships in delivering large-scale industrial projects.
The visit coincided with a key operational milestone, as the refinery exceeded its nameplate capacity of 650,000 barrels per day, achieving test runs of up to 700,000 barrels per day.
The development underscores growing investor confidence in the refinery as it prepares for public listing and further expansion across Africa.
