{"id":601,"date":"2026-06-11T17:35:19","date_gmt":"2026-06-11T17:35:19","guid":{"rendered":"https:\/\/consumerconnectng.com\/?p=601"},"modified":"2026-06-11T18:22:33","modified_gmt":"2026-06-11T18:22:33","slug":"investment-standard-bank-backs-dangote-petroleum-refinerys-ipo","status":"publish","type":"post","link":"https:\/\/consumerconnectng.com\/?p=601","title":{"rendered":"Investment: Standard Bank backs Dangote Petroleum Refinery&#8217;s IPO"},"content":{"rendered":"<p>*<strong><em>Sim Tshabalala, Group Chief Executive of Standard Bank, affirms the commercial bank&#8217;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<\/em><\/strong><\/p>\n<p>Alexander Davis | ConsumerConnect<\/p>\n<p>Standard Bank Group, Africa&#8217;s largest financial institution, has reaffirmed its commitment to supporting the growth of Dangote Industries Limited (DIL).<\/p>\n<p>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.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"4rZzV5c5ci\"><p><a href=\"https:\/\/consumerconnectng.com\/?p=596\">NCC unveils strategies to address surging data demand, limited infrastructure capacity<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cNCC unveils strategies to address surging data demand, limited infrastructure capacity\u201d \u2014 ConsumerConnect \" src=\"https:\/\/consumerconnectng.com\/?p=596&amp;embed=true#?secret=Ot4zP3wcoY#?secret=4rZzV5c5ci\" data-secret=\"4rZzV5c5ci\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Dangote Group Wednesday, June 10, 2026, stated that it received Standard Bank&#8217;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.<\/p>\n<p>Speaking after touring the facilities, Tshabalala described the Dangote Refinery as a transformational industrial project with far-reaching implications for Nigeria and Africa.<\/p>\n<p>&#8220;We are here because the Dangote Group is a large and important global player and a significant force on the African continent,&#8221; he said. &#8220;Standard Bank is the largest financial institution in Africa and we have partnered with Dangote on a variety of initiatives.<\/p>\n<p>&#8220;We are here to lend support, to see this magnificent refinery and to discuss Vision 2030 and how we can continue supporting the Group&#8217;s growth ambitions.&#8221;<\/p>\n<p>Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery&#8217;s planned Initial Public Offering and future growth initiatives.<\/p>\n<p>The Group Chief Executive also said: &#8220;As Dangote lists, there is an IPO coming up and we are a leading player in that process.<\/p>\n<p>&#8220;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.&#8221;<\/p>\n<p>He further described the Refinery as &#8220;a wonder of the world.&#8221;<\/p>\n<p>Tshabalala noted that its impact is already being felt through stronger Foreign Exchange (Forex) earnings, improved balance-of-payments performance and enhanced energy security.<\/p>\n<p>He stated: &#8220;This is a wonder to behold. It is massive, productive and transformative.<\/p>\n<p>&#8220;It is already making a significant contribution to Nigeria&#8217;s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians.&#8221;<\/p>\n<p>Devakumar Edwin, Group Vice-President, Oil and Gas at Dangote Industries Limited, commented that the team&#8217;s visit represented a significant milestone in a partnership that began during the refinery&#8217;s construction phase.<\/p>\n<p>Edwin said: &#8220;The bank visited us during construction and understood the scale of what we were building.<\/p>\n<p>&#8220;Today, the Refinery is fully operational and they can see what their support has helped to create.<\/p>\n<p>&#8220;It is like nurturing a tree and eventually seeing it bear fruit.&#8221;<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Bird noted: &#8220;Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group.<\/p>\n<p>&#8220;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.&#8221;<\/p>\n<p>The visit also coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.<\/p>\n<p>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.<\/p>\n<p>The Managing Director and CEO of Dangote Refinery stated: &#8220;We have always believed there was engineering flexibility built into the design.<\/p>\n<p>&#8220;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.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>*Sim Tshabalala, Group Chief Executive of Standard Bank, affirms the commercial bank&#8217;s support for the Initial Public Offering of the Dangote Petroleum Refinery and Dangote&hellip;<\/p>\n","protected":false},"author":2,"featured_media":604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"_FSMCFIC_featured_image_caption":"Dangote Petroleum Refinery and Dangote Fertiliser Complex, Ibeju-Lekki, Lagos       ","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","_customify_content_layout":"","_customify_sidebar":"","_customify_page_header_display":"default","_customify_disable_header":"","_customify_disable_header_top":"","_customify_disable_header_main":"","_customify_disable_header_bottom":"","_customify_disable_page_title":"","_customify_disable_content_vertical_padding":"","_customify_disable_footer_top":"","_customify_disable_footer_main":"","_customify_disable_footer_bottom":"","_customify_breadcrumb_display":"","_customify_header_transparent_display":"default","footnotes":""},"categories":[20,4],"tags":[],"class_list":["post-601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-highlights","category-markets"],"featured_image_urls":{"full":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/06\/Dangote-Petroleum-Refinery-Lagos-MAST-cc-1.png",672,365,false],"thumbnail":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/06\/Dangote-Petroleum-Refinery-Lagos-MAST-cc-1-150x150.png",150,150,true],"medium":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/06\/Dangote-Petroleum-Refinery-Lagos-MAST-cc-1-300x163.png",300,163,true],"medium_large":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/06\/Dangote-Petroleum-Refinery-Lagos-MAST-cc-1.png",672,365,false],"large":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/06\/Dangote-Petroleum-Refinery-Lagos-MAST-cc-1.png",672,365,false],"1536x1536":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/06\/Dangote-Petroleum-Refinery-Lagos-MAST-cc-1.png",672,365,false],"2048x2048":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/06\/Dangote-Petroleum-Refinery-Lagos-MAST-cc-1.png",672,365,false]},"author_info":{"info":["ConsumerConnect"]},"category_info":"<a href=\"https:\/\/consumerconnectng.com\/?cat=20\" rel=\"category\">Highlights<\/a> <a href=\"https:\/\/consumerconnectng.com\/?cat=4\" rel=\"category\">Markets<\/a>","tag_info":"Markets","comment_count":"0","_links":{"self":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=601"}],"version-history":[{"count":3,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/601\/revisions"}],"predecessor-version":[{"id":623,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/601\/revisions\/623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/media\/604"}],"wp:attachment":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}