Standard Bank Backs Dangote Refinery IPO, Pledges Support for Expansion Across Africa

Standard Bank Backs Dangote Refinery IPO, Pledges Support for Expansion Across Africa

LAGOS, Nigeria – Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to the growth ambitions of Dangote Industries Limited, pledging support for the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery and future expansion projects across the continent.

The commitment was made 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 Lagos.

Speaking after touring the facilities, Tshabalala described the refinery as a transformative industrial project whose impact extends beyond Nigeria to the wider African continent.

According to him, the visit underscored the longstanding partnership between Standard Bank and the Dangote Group, as well as discussions on the Group’s Vision 2030 growth strategy.

“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” Tshabalala said. “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 disclosed that Standard Bank intends to play a leading role in the refinery’s planned stock market listing while providing financial advisory services and funding support for future expansion initiatives.

“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.”

The Standard Bank CEO described the refinery as “a wonder of the world,” noting that it is already contributing significantly to Nigeria’s economy through increased foreign exchange earnings, improved balance-of-payments performance and enhanced 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 added.

Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the visit marked another 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 exploring new opportunities to deepen collaboration as Dangote expands its industrial operations across Africa.

Also speaking, Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, highlighted the critical role long-term partnerships have played in the successful delivery of the project.

“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group,” Bird said. “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 surpassed its original design capacity.

Bird revealed that the refinery recently completed performance test runs at 700,000 barrels per day, exceeding its nameplate capacity of 650,000 barrels per day.

“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 people and the strength of the systems we have built.”

The achievement further strengthens the refinery’s position as one of the largest single-train refineries in the world and reinforces its growing role in enhancing energy security, reducing fuel import dependence and supporting economic growth across Africa.