Standard Bank Group has pledged support for the planned listing of the Dangote Petroleum Refinery and future expansion projects across Africa.
The commitment was made on Wednesday during a strategic visit by Sim Tshabalala, Standard Bank Group Chief Executive Officer, and senior executives to the Dangote Petroleum Refinery and Dangote Fertilizer 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.
“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 said.
Tshabalala disclosed that the bank intended to play a leading role in the refinery’s planned Initial Public Offering (IPO) and future expansion projects.
According to him, Standard Bank is well positioned to provide financial advisory services and balance-sheet support as the Dangote Group expands across Nigeria and Africa.
He described the refinery as “a wonder of the world”, noting that it was already boosting Nigeria’s foreign exchange earnings, balance of payments and 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.
Also speaking, Devakumar Edwin, Group Vice President, Oil and Gas, Dangote Industries Ltd., said the visit marked an important milestone in the partnership between both organizations.
Edwin said Standard Bank had shown confidence in the project from its early stages and was now witnessing the results of its support.
He added that both organizations were exploring opportunities to deepen collaboration as Dangote expanded its industrial footprint across Africa.
David Bird, Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, said the visit underscored the value of long-term partnerships in delivering large-scale industrial projects.
Bird noted that Standard Bank had been one of the refinery’s strongest supporters and that the visit offered an opportunity to appreciate the project’s achievements.
The visit coincided with a major operational milestone, with the refinery exceeding its original design capacity.
Bird disclosed that the refinery recently completed performance test runs at 700,000 barrels per day, surpassing its nameplate capacity of 650,000 barrels per day.
According to him, the achievement reflected the technical expertise of the workforce and the strength of the refinery’s operating systems.
He said the sustained production level demonstrated the engineering flexibility built into the refinery’s design and reinforced its status as one of the world’s largest single-train refining facilities. (NAN)
