STANDARD BANK (2): 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; and Managing Director/Chief Executive Officer, Dangote Petroleum Refinery & Petrochemicals, David Bird, 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 commitment to supporting the growth of Dangote Industries Limited, expressing readiness to play a key role in the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery and to finance future expansion projects across Africa.
The commitment was made during a strategic visit by Standard Bank Group Chief Executive Officer, Sim Tshabalala, alongside 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 transformative industrial project with significant implications for Nigeria’s economy and the broader African continent.
According to him, the Dangote Group has become a major force in Africa’s industrial landscape, making it a critical partner for the bank.
“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, witness this remarkable refinery, and discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions.”
Support for Refinery IPO
Tshabalala disclosed that Standard Bank intends to take a leading role in the refinery’s forthcoming IPO while also providing financial advisory and funding support for future projects.
“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.”
He further described the refinery as “a wonder of the world,” citing its contributions to 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.
Partnership Bearing Fruit
Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, noted that the visit marked an important milestone in a relationship that began during 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 opportunities to deepen collaboration as Dangote expands its industrial operations across the continent.
Long-Term Collaboration
Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, highlighted the value of long-term partnerships in delivering projects of such magnitude.
“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.”
Refinery Surpasses Design Capacity
The visit also coincided with a significant operational milestone for the refinery. Bird revealed that the facility has exceeded its original design capacity, recently completing performance test runs at 700,000 barrels per day—surpassing 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 underscores the refinery’s growing role in strengthening Nigeria’s energy security, reducing dependence on imported petroleum products, and positioning the country as a major refining hub in Africa.
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