Africa’s largest bank, Standard Chartered, backs Dangote Refinery expansion plan

Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to supporting the growth ambitions of Dangote Industries Limited, pledging to play a key role in the planned listing 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 […]

Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to supporting the growth ambitions of Dangote Industries Limited, pledging to play a key role in the planned listing 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 with significant implications for Nigeria’s economy and Africa’s industrial development.
According to him, the visit underscored the long-standing relationship between Standard Bank and the Dangote Group, one of Africa’s largest conglomerates.
“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,” he added.
Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery’s anticipated Initial Public Offering (IPO), while also providing financial advisory services 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, adding, “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 chief described the refinery as “a wonder of the world,” noting that the facility is already contributing significantly to Nigeria’s economic performance through increased foreign exchange earnings, improved balance-of-payments position, 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 represented another important chapter in the partnership between both organisations, which 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.
Also speaking, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the visit highlighted the value of long-term partnerships in delivering complex industrial projects of global scale.
“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group,” Bird said.
Bird disclosed that the facility 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, adding, “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.”