Billionaire businessman Aliko Dangote owns the Dangote Petroleum Refinery. Located in Lagos, the facility is expected to reduce Nigeria’s dependence on imported refined fuel products while boosting exports and foreign exchange earnings.
Image: Supplied
Africa’s largest lender, Standard Bank Group, has reaffirmed its commitment to supporting the growth ambitions of Dangote Industries, including plans for the listing of the Dangote Petroleum Refinery and future expansion projects across the continent.
The commitment was made during a strategic visit by Standard Bank Group CEO Sim Tshabalala and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos, Nigeria.
Speaking after touring the facilities, Tshabalala described the refinery as a transformative industrial project that is already reshaping Nigeria’s economy and strengthening Africa’s industrial capacity.
“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” 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.”
Tshabalala revealed that Standard Bank intends to play a significant role in the refinery’s planned Initial Public Offering (IPO), while also providing financial advisory services and funding support for future investments.
“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 visit underscores the growing importance of the Dangote Petroleum Refinery, which has emerged as one of Africa’s most significant industrial projects. Located in Lagos, the facility is expected to reduce Nigeria’s dependence on imported refined fuel products while boosting exports and foreign exchange earnings.
Tshabalala described the refinery as “a wonder of the world”, highlighting its contribution to economic development, foreign reserves and energy security.
“This is a wonder to behold. It is massive, productive and transformative,” he said.
“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.”
For Dangote Industries, the visit represented a continuation of a long-standing relationship between the company and the banking group.
Devakumar Edwin, group vice president for oil and gas at Dangote Industries, said Standard Bank had supported the refinery project since its construction phase and played a crucial role in helping bring it to completion.
“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.”
Edwin added that both organisations are exploring opportunities to deepen collaboration as Dangote expands its industrial footprint across Africa.
The refinery’s management also used the visit to showcase the scale of the project and the progress achieved since commissioning.
David Bird, managing director and CEO of the Dangote Petroleum Refinery, said the visit highlighted the value of long-term partnerships in delivering complex industrial developments.
“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 milestone for the refinery. Bird disclosed that recent performance tests showed the facility operating above its original design capacity.
The refinery, which was designed to process 650,000 barrels of crude oil per day, recently achieved sustained production levels of 700,000 barrels per day.
“We have always believed there was engineering flexibility built into the design,” Bird 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 achievement further strengthens the refinery’s position as one of the largest single-train refining facilities in the world and a key pillar of Africa’s drive towards greater industrialisation, energy security and economic self-sufficiency.
BUSINESS REPORT