Africa’s largest financial institution, Standard Bank Group, has reaffirmed its pledged and support for the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery.
This was as the bank also announced its commitment and readiness to finance future expansion projects of the Group across the African Continent.
Business interest of Standard Bank in Dangote
As contained in a release by the Group, Standard Bank gave the commitment during a strategic visit by its Chief Executive, Sim Tshabalala, and senior executives to 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 stated.
He also disclosed that Standard Bank intended to play a leading role in the planned Initial Public Offering and future growth initiatives.
“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 its impact is already being felt through stronger foreign exchange earnings, improved balance-of-payments performance and enhanced 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 represented 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,” Edwin 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,” he said.
He added that both organisations were exploring opportunities to deepen collaboration as Dangote further expands its industrial footprint across Africa.
Managing Director/CEO, Dangote Petroleum Refinery, David Bird, said the visit highlighted 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.
“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,” he said.
The visit also coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.
Bird disclosed that the recently completed performance test of the refinery runs at 700,000 barrels per day, above its nameplate capacity of 650,000 barrels per day.
“We have always believed there was engineering flexibility built into the design.
“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,” he added.
