Africa’s biggest banking group by assets, Standard Bank Group, has pledged continued support for Dangote Industries Limited, including backing the proposed public listing of the Dangote Petroleum Refinery and financing future expansion projects across the continent.
The commitment was made during a strategic visit to the refinery and fertiliser complex in Lagos by Standard Bank’s Chief Executive, Sim Tshabalala, alongside other senior executives.
Speaking after inspecting the facilities, Tshabalala described the refinery as a landmark industrial project with far-reaching implications for Nigeria’s economy and Africa’s industrial development.
According to him, the Dangote Group remains a major player on the global stage, making it important for the bank to strengthen its partnership and explore additional opportunities to support the company’s growth agenda.
Tshabalala disclosed that Standard Bank intends to play a prominent role in the refinery’s planned Initial Public Offering (IPO), while also providing financial advisory services and funding for future investments.
He noted that the refinery’s impact extends beyond fuel production, citing its contribution to foreign exchange generation, improved energy security and support for Nigeria’s balance of payments position.
The Standard Bank CEO further described the facility as an exceptional engineering achievement with continental significance.
Officials of Dangote Industries said the visit reflected the strength of a long-standing relationship between both organisations.
The Group Vice President for Oil and Gas, Devakumar Edwin, said Standard Bank had remained a key partner since the refinery’s construction stage, providing support throughout the project’s development.
Also speaking, the refinery’s managing director, David Bird, stressed the importance of strategic partnerships in the successful delivery of large-scale industrial ventures.
The visit came as the refinery recorded a major operational achievement, exceeding its installed capacity of 650,000 barrels per day. Company officials revealed that recent test operations reached production levels of up to 700,000 barrels per day.
The milestone is expected to further boost investor confidence in the refinery as preparations continue for its anticipated stock market listing and broader expansion strategy across Africa.
