Africa’s largest financial institution, Standard Bank Group, the
parent company of Stanbic IBTC Holdings, has reaffirmed its commitment
to support the growth of Dangote Industries Limited, pledging backing
for the planned listing of the Dangote Petroleum Refinery while
expressing readiness to finance future expansion projects across the
continent.
The commitment came during a strategic visit by Standard Bank Group
Chief Executive, Sim Tshabalala, and senior executives to the Dangote
Petroleum Refinery and Dangote Fertiliser complex in Lagos.
Speaking after touring 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 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 Initial Public Offering and future growth
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.”
He described the refinery as “a wonder of the world,” noting that
its impact is already being felt through stronger 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 said.
Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar
Edwin, said the visit represented 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 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 footprint across Africa.
Managing Director and Chief Executive Officer of the Dangote Petroleum
Refinery, David Bird, said the visit highlighted 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 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 also coincided with a major operational milestone for the
refinery, which has now exceeded its original design capacity.
Bird disclosed that the refinery recently completed performance test
runs at 700,000 barrels per day, above 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.”
