Standard Bank Group executives during a visit to the Dangote Petroleum Refinery in Lagos.
Africa’s largest financial institution, Standard Bank Group, has pledged support for the planned listing of the Dangote Petroleum Refinery and expressed readiness to finance future expansion projects across Africa.
The commitment was made during a visit by Standard Bank Group Chief Executive, Sim Tshabalala, and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.
Tshabalala said the bank remains committed to strengthening its partnership with Dangote Industries Limited and supporting its long-term growth ambitions.
According to him, Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering (IPO) while also providing financial advisory services and funding support for future investments.
“As Dangote lists, there is an IPO coming up, and we are a leading player in that process,” Tshabalala said.
He described the refinery as a transformative industrial project that is contributing to Nigeria’s economy through improved energy security, stronger foreign exchange earnings, and enhanced balance-of-payments performance.
Tshabalala noted that the refinery’s scale and operational success position it as one of Africa’s most significant industrial investments.
Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the visit marked another step in the long-standing partnership between both organisations.
He explained that Standard Bank supported the project during its construction phase and is now exploring opportunities to deepen collaboration as Dangote expands its operations across the continent.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said strong partnerships have been critical to the successful delivery of the refinery project.
He described Standard Bank as one of the refinery’s key supporters and said the visit provided an opportunity to showcase the results of that collaboration.
The visit also coincided with a major operational milestone for the refinery.
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Bird disclosed that the facility recently achieved production of 700,000 barrels per day during performance tests, surpassing its installed capacity of 650,000 barrels per day.
According to him, the achievement reflects the refinery’s technical capability and operational efficiency as it continues to scale up production.
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