Standard Bank Pledges Strong Backing for Dangote Refinery Listing, Future Expansion Across Africa

Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to supporting the continued expansion of Dangote Industries Limited, including backing the planned listing of the Dangote Petroleum Refinery and providing financial support for future growth projects across the continent.

The renewed assurance was given during a high-level strategic visit to Lagos by Standard Bank Group Chief Executive, Sim Tshabalala, alongside senior executives, who toured both the Dangote Petroleum Refinery and the Dangote Fertiliser complex.

Speaking after the facility tour, Tshabalala described the Dangote Petroleum Refinery as a landmark industrial development with significant implications for Nigeria’s economic trajectory and broader African industrialisation drive.

He said the institution’s engagement with the Dangote Group was rooted in a long-standing partnership and shared vision for continental growth.

“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” Tshabalala stated. “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.”

He further disclosed that Standard Bank is positioning itself as a key player in the refinery’s anticipated Initial Public Offering (IPO), as well as in subsequent expansion phases.

“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.”

Describing the facility as “a wonder of the world,” Tshabalala said the refinery was already delivering measurable economic benefits, including improved foreign exchange inflows, stronger balance-of-payments stability and enhanced energy security for Nigeria.

“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 added.

Group Vice President, Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said the visit marked an important milestone in a partnership that dates back to 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 added that both organisations are now exploring deeper collaboration opportunities as Dangote continues to expand its industrial footprint across Africa.

Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, said the visit underscored the importance of sustained financial partnerships in delivering complex, large-scale industrial projects.

“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group,” Bird noted. “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.”

Bird also revealed that the refinery has achieved a major operational milestone, surpassing its original design capacity. According to him, recent performance test runs reached 700,000 barrels per day, above the plant’s nameplate capacity of 650,000 barrels per day.

“We have always believed there was engineering flexibility built into the design,” he explained. “Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our people.”

The development marks a significant boost for Nigeria’s refining capacity and reinforces the Dangote Petroleum Refinery’s position as one of the world’s largest single-train refineries, further strengthening its role in Africa’s evolving energy landscape.