Group Vice President, Oil & Gas, Dangote Industries Limited, Devakumar Edwin; Chairman, Stanbic IBTC Holdings, Sola David Borha; Chief Executive Officer, Standard Bank Group, Sim Tshabalala; Managing Director/Chief Executive Officer, Dangote Petroleum Refinery & Petrochemicals, David Bird; and Chief Executive, Stanbic IBTC Holdings, Chuma Nwokocha, during a strategic visit by Standard Bank Group executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Ibeju Lekki, Lagos.
Africa’s largest financial institution, Standard Bank Group, has reaffirmed its strong commitment to supporting the growth trajectory of Dangote Industries Limited, including backing the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery and future expansion projects across Africa.
The pledge was made during a high-level strategic visit to Lagos by Standard Bank Group Chief Executive, Sim Tshabalala, alongside senior executives, who toured the massive Dangote Petroleum Refinery and the Dangote Fertiliser complex.
Refinery Described as a “Transformational African Asset”
Speaking after the facility tour, Tshabalala described the refinery as a landmark industrial achievement with significant economic implications for Nigeria and the wider continent.
He noted that Standard Bank’s engagement with the Dangote Group is rooted in a long-standing partnership and a shared vision for Africa’s industrial growth.
According to him, the bank—recognized as one of the continent’s largest financial institutions—remains committed to supporting Dangote’s expansion strategy and upcoming capital market activities.
He further confirmed that Standard Bank is positioning itself as a key player in the refinery’s anticipated IPO process, as well as future advisory and financing arrangements tied to the group’s continental expansion agenda.
Strong Signals Ahead of IPO Launch
Tshabalala emphasized that the planned listing of the refinery represents a major milestone for African capital markets, noting that the bank is ready to provide both advisory services and balance-sheet support.
He also described the refinery as a “transformational and productive asset” already delivering measurable benefits to Nigeria’s economy, including stronger foreign exchange inflows, improved trade balance performance, and enhanced energy security.
Dangote Group Highlights Long-Term Partnership Value
Reacting to the visit, Group Vice President, Oil and Gas at Dangote Industries, Devakumar Edwin, described the engagement as a continuation of a partnership that began during the refinery’s construction phase.
He said Standard Bank’s early involvement helped shape confidence in the scale and ambition of the project, adding that the current operational phase demonstrates the value of that support.
According to him, both organisations are now exploring deeper collaboration opportunities as Dangote accelerates industrial investments across Africa.
Operational Milestone Surpasses Design Capacity
Managing Director and Chief Executive Officer of the refinery, David Bird, said the visit underscored the importance of long-term financial partnerships in delivering complex infrastructure projects.
He noted that Standard Bank has remained a consistent supporter of the Dangote Group and the refinery project from inception through to full operation.
Bird also revealed a major technical milestone: the refinery has now exceeded its original design capacity.
According to him, recent performance test runs recorded output of 700,000 barrels per day, surpassing the installed capacity of 650,000 barrels per day—an achievement he attributed to engineering flexibility and strong operational systems.
Outlook
The renewed backing from Standard Bank is expected to strengthen investor confidence ahead of the refinery’s IPO and further reinforce Nigeria’s positioning as a key hub for industrial refining and energy security in Africa.
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