Dangote Refinery's Expansion Plan and IPO Get Fresh Backing from Africa's Largest Bank

• Standard Bank Group plans to support Dangote Industries with the planned stock market listing of its refinery and future expansion projects across Africa
• Standard Bank CEO Sim Tshabalala described the facility as a transformative project that is boosting Nigeria’s economy and energy security
• The refinery stated that the plant recently increased capacity to 700,000 barrels per day from its official capacity of 650,000 barrels per day

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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.

Africa’s biggest banking group, Standard Bank Group, has reaffirmed its support for Dangote Industries Limited, promising to help drive the company’s future expansion plans and the proposed stock market listing of the Dangote Petroleum Refinery.

The commitment was made during a visit to the Dangote Refinery and Fertiliser complex in Lagos by Standard Bank’s Chief Executive Officer, Sim Tshabalala, alongside other top executives.

After touring the facilities, Tshabalala praised the refinery, describing it as a landmark project that is helping to reshape Nigeria’s economy and strengthen industrial development across Africa.

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He said the visit reflected the long-standing partnership between Standard Bank and the Dangote Group, noting that both organisations have worked together on several major projects over the years.

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."

Support for refinery IPO and expansion

Tshabalala revealed that Standard Bank plans to play a significant role in the refinery’s expected Initial Public Offering (IPO).

He added that the bank is also ready to provide financial advisory services and funding support as Dangote expands its operations in Nigeria and other African countries.

According to him, the refinery has already made a positive impact on Nigeria’s economy by improving foreign exchange earnings, strengthening the country’s external financial position, and enhancing energy security.

Describing the facility as an extraordinary achievement, he said its scale and economic contribution demonstrate its importance to both Nigeria and the wider African continent.

Dangote highlights refinery performance

The Group Vice President for Oil and Gas at Dangote Industries, Devakumar Edwin, said the visit marked another milestone in the relationship between the two organisations.

He explained that Standard Bank had supported the project from its construction stage and can now witness the results of that investment and confidence.

Meanwhile, the Managing Director and Chief Executive Officer of the refinery, David Bird, said the visit demonstrated the value of strong and lasting partnerships in delivering large-scale industrial projects.

Bird disclosed that the refinery recently achieved production test runs of 700,000 barrels of crude oil per day, surpassing its designed capacity of 650,000 barrels per day.

According to him, the achievement reflects the refinery’s strong engineering design, the expertise of its workforce, and the efficiency of its operational systems.