Standard Bank Pledges Support for Dangote Refinery IPO, Expansion Plans
By Aboki Forex —
Africa’s biggest banking group, Standard Bank Group, has reaffirmed its support for Dangote Industries Limited. The bank plans to back the planned stock market listing of the Dangote Petroleum Refinery and future expansion projects across Africa.
Standard Bank CEO Sim Tshabalala made the commitment during a visit to the Dangote Refinery and Fertiliser complex in Lagos. He was joined by other top executives of the bank.
Tshabalala described the refinery as a transformative project. He said it is boosting Nigeria’s economy and energy security while strengthening industrial development across Africa.
“Standard Bank is the largest financial institution in Africa and we have partnered with Dangote on a variety of initiatives,” Tshabalala said. “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.”
The bank plans to play a significant role in the refinery’s expected Initial Public Offering (IPO). It is also ready to provide financial advisory services and funding support as Dangote expands its operations in Nigeria and other African countries.
Refinery Capacity Surpasses Official Target
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. Managing Director and CEO David Bird disclosed this during the visit.
Bird said the achievement reflects the refinery’s strong engineering design, the expertise of its workforce, and the efficiency of its operational systems.
He also noted that the visit demonstrated the value of strong and lasting partnerships in delivering large-scale industrial projects.
Devakumar Edwin, Group Vice President for Oil and Gas at Dangote Industries, 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.