Standard Bank Group has pledged support for the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery and its future expansion projects across Africa, reaffirming its partnership with the industrial giant.
The commitment was made on Wednesday 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 Ibeju-Lekki, Lagos.
Speaking after touring the facilities, Tshabalala described the refinery as a transformative industrial project with significant benefits for Nigeria and the African continent.
He noted that Standard Bank and the Dangote Group had collaborated on several initiatives and expressed the bank’s readiness to continue supporting the conglomerate’s long-term growth strategy.
According to him, the bank intends to play a key role in the refinery’s proposed IPO while also providing financial advisory services and funding support for future expansion projects across Africa.
Tshabalala described the refinery as a world-class facility that is already strengthening Nigeria’s economy through increased foreign exchange earnings, improved balance of payments and enhanced energy security.
“This is a remarkable project. Its scale, productivity and impact are extraordinary, and it is already contributing significantly to Nigeria’s economic development,” he said.
Also speaking, Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the visit highlighted the strong partnership between both organisations.
Edwin noted that Standard Bank had demonstrated confidence in the refinery project from its early stages and was now witnessing the outcomes of that support.
He added that discussions were ongoing to explore additional opportunities for collaboration as Dangote expands its industrial operations across Africa.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the visit underscored the importance of long-term partnerships in executing large-scale industrial projects.
Bird described Standard Bank as one of the refinery’s key supporters and said the visit provided an opportunity to showcase the project’s achievements.
The visit coincided with a major operational milestone for the refinery, which recently exceeded its original production design capacity.
According to Bird, the facility successfully completed performance test runs at 700,000 barrels per day, surpassing its installed capacity of 650,000 barrels per day.
He said the achievement reflected the expertise of the refinery’s workforce and the efficiency of its operating systems, adding that the sustained output further reinforces the refinery’s position as one of the world’s largest single-train refining facilities.
