*Sim Tshabalala, Group Chief Executive of Standard Bank, affirms the commercial bank’s support for the Initial Public Offering of the Dangote Petroleum Refinery and Dangote Fertiliser Complex, describing the oil-refining facility as a transformational industrial project with far-reaching implications for Nigeria and Africa
Alexander Davis | ConsumerConnect
Standard Bank Group, Africa’s largest financial institution, has reaffirmed its commitment to supporting the growth of Dangote Industries Limited (DIL).
The bank recently pledged to back the planned listing of the Dangote Petroleum Refinery, and expressed readiness to finance future expansion projects across the African continent.
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Dangote Group Wednesday, June 10, 2026, stated that it received Standard Bank’s commitment during a strategic visit by Sim Tshabalala, Group Chief Executive of Standard Bank, and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser Complex, in Lagos, Nigeria.
Speaking after touring the facilities, Tshabalala described the Dangote 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.
The Group Chief Executive also said: “As Dangote lists, there is an IPO coming up and we are a leading player in that process.
“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 further described the Refinery as “a wonder of the world.”
Tshabalala noted that its impact is already being felt through stronger Foreign Exchange (Forex) earnings, improved balance-of-payments performance and enhanced energy security.
He stated: “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.”
Devakumar Edwin, Group Vice-President, Oil and Gas at Dangote Industries Limited, commented that the team’s visit represented a significant milestone in a partnership that began during the refinery’s construction phase.
Edwin said: “The bank visited us during construction and understood the scale of what we were building.
“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.”
The Group Vice-President, Oil and Gas of DIL disclosed that both organisations are exploring opportunities to deepen collaboration as Dangote expands its industrial footprint across Africa.
David Bird, Managing Director and Chief Executive Officer (CEO) of the Dangote Petroleum Refinery, said the visit highlighted the importance of long-term partnerships in delivering large-scale industrial projects.
Bird noted: “Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group.
“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.
The Managing Director and CEO of Dangote Refinery stated: “We have always believed there was engineering flexibility built into the design.
“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.”