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By Our Correspondent

Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to supporting Dangote Industries Limited, pledging to back the planned listing of the Dangote Petroleum Refinery and provide financing for future expansion projects across Africa.

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 and the African continent.

“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 (IPO) and support 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.”

The Standard Bank chief described the refinery as “a wonder of the world,” noting that its operations are already contributing to stronger foreign exchange earnings, improved balance-of-payments performance and enhanced energy security in Nigeria.

“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 marked an important 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.”

According to him, both organisations are exploring opportunities to deepen collaboration as Dangote continues to expand its industrial footprint across Africa.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, David Bird, praised Standard Bank’s long-standing support, describing the relationship as critical to the successful delivery of the mega project.

“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 coincided with a major operational breakthrough for the refinery, which has now exceeded its original design capacity.

Bird revealed that the facility recently completed 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 development underscores the growing influence of the Dangote Refinery in Africa’s energy landscape, while reinforcing investor confidence ahead of its anticipated public listing.