LAGOS, June 10 – Standard Bank Group, Africa’s largest lender by assets, has reaffirmed its commitment to supporting the growth ambitions of Dangote Industries Limited, including the planned public listing of the Dangote Petroleum Refinery and future expansion projects across Africa.
The commitment was made during a strategic visit by Standard Bank Group Chief Executive Officer Sim Tshabalala and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.
Following a tour of the facilities, Tshabalala described the refinery as one of the most significant industrial projects on the African continent and reaffirmed the bank’s intention to remain a long-term partner to the Dangote Group.
“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” Tshabalala said.
He 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 as the group pursues additional investments across Africa.
“As Dangote lists, there is an IPO coming up and we are a leading player in that process,” Tshabalala 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.”
Tshabalala described the refinery as a transformational asset whose economic impact extends beyond Nigeria, citing its contribution to foreign exchange earnings, energy security and regional industrial development.
The visit also highlighted the longstanding relationship between Standard Bank and Dangote Industries, which dates back to the refinery’s construction phase.
According to Devakumar Edwin, Standard Bank was among the financial institutions that supported the project during its development and has remained closely engaged throughout its evolution.
“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.”
Meanwhile, David Bird said the visit underscored the importance of strategic partnerships in delivering large-scale industrial projects.
Bird noted that Standard Bank has been one of the refinery’s strongest supporters and emphasized the value of maintaining strong relationships with long-term financial partners as the company expands.
The visit coincided with a significant operational milestone for the refinery.
According to Bird, the facility recently achieved sustained production of 700,000 barrels per day during performance test runs, exceeding its original nameplate capacity of 650,000 barrels per day.
The achievement highlights the refinery’s growing operational capabilities as it continues to scale production and strengthen its position in regional and global fuel markets.
The Dangote Petroleum Refinery is currently the largest refinery in Africa and one of the largest single-train refineries globally.
As the company prepares for a future stock market listing and broader continental expansion, support from major financial institutions such as Standard Bank is expected to play a key role in financing growth and unlocking new investment opportunities.
