Standard Bank Reinforces Support for Dangote Refinery IPO and Expansion
Africa’s leading financial institution, Standard Bank Group — parent company of Stanbic IBTC Holdings — has reiterated its commitment to supporting the growth of Dangote Industries Limited. The bank has pledged its backing for the upcoming listing of the Dangote Petroleum Refinery, while also expressing readiness to finance future expansion projects across the continent.
This announcement was made during a strategic visit by Standard Bank Group’s Chief Executive, Sim Tshabalala, along with senior executives, to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.
Following a tour of 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 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.”
Tshabalala further disclosed that Standard Bank intends to take a leading role in the refinery’s planned Initial Public Offering (IPO) and other future growth initiatives.
“As Dangote lists, there is an IPO coming up and we are a leading player in that process,” he affirmed.
“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 praised the refinery as “a wonder of the world,” emphasising its immediate impact through increased foreign exchange earnings, improved balance-of-payments performance, and strengthened 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 at Dangote Industries Limited, Devakumar Edwin, described the visit as “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 explained. “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 also highlighted ongoing efforts to deepen collaboration as Dangote expands its industrial footprint across Africa.
Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, noted that the visit underscored 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,” Bird stated.
“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.”
The visit coincided with a major operational milestone for the refinery, which has now exceeded its original capacity.
Bird revealed that the refinery recently completed performance test runs at 700,000 barrels per day, surpassing its nameplate capacity of 650,000 barrels.
“We have always believed there was engineering flexibility built into the design,” he said. “Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our team and the strength of the systems we have developed.”