Dangote Refinery IPO Gets Boost as Standard Bank Commits Funding Support

The planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery has received a major boost as Standard Bank Group pledged its support for the listing and expressed readiness to finance future expansion projects of Dangote Industries Limited across Africa.

The commitment was made during a strategic visit by the chief executive of Standard Bank Group, Sim Tshabalala, alongside senior executives of the bank, to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.

Speaking after touring the facilities, Tshabalala described the refinery as a transformational industrial project with far-reaching benefits for Nigeria and the African continent, reaffirming the bank’s commitment to supporting the group’s long-term growth ambitions.

“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” he said.

According to him, Standard Bank, as Africa’s largest financial institution, has partnered with Dangote Industries on several strategic initiatives and remains committed to strengthening the relationship.

“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 stated.

He disclosed that the bank intends to play a leading role in the refinery’s planned IPO as well as support future growth initiatives of the Dangote Group.

Tshabalala described the refinery as “a wonder of the world,” noting that it is already contributing significantly to Nigeria’s economy through enhanced foreign exchange earnings, improved balance of payments and stronger energy security.

“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 said.

Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the visit marked another milestone in the longstanding partnership between both organisations, which dates back to the refinery’s construction phase.

“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,” Edwin said.

He added that both parties are exploring opportunities to deepen collaboration as Dangote Industries expands its industrial footprint across Africa.

Also speaking, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, David Bird, underscored the importance of long-term partnerships in delivering large-scale industrial projects.

“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, which has now exceeded its original design capacity.

Bird disclosed that the refinery recently completed performance test runs at 700,000 barrels per day (bpd), surpassing its nameplate capacity of 650,000 bpd.

According to him, “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 refinery’s growing operational strength as it positions itself for a future public listing with the backing of one of Africa’s largest banking institutions.