Africa’s largest lender reaffirms commitment to Dangote’s growth plans, including IPO participation and long-term refinery expansion support
At a time of ongoing global energy market uncertainty, Africa’s largest bank has reaffirmed its strategic commitment to supporting the expansion and upcoming initial public offering (IPO) of the Dangote Petroleum Refinery.
During a recent visit to Nigeria, Standard Bank Group Chief Executive Sim Tshabalala said the institution remains fully aligned with the Dangote Group’s long-term growth ambitions across the continent.
“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” Tshabalala said.
He emphasised Standard Bank’s role as a long-standing financial partner to the group, noting that the bank intends to deepen its involvement as the refinery scales its operations and prepares for broader market participation.
“Standard Bank is the largest financial institution in Africa, and we have partnered with Dangote on a variety of initiatives,” he 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.”
Tshabalala confirmed that the bank expects to play a leading role in the refinery’s planned IPO and related capital market activities.
“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.”
He described the refinery as a landmark industrial development, highlighting its already visible economic impact.
“This is a wonder to behold. It is massive, productive and transformative,” Tshabalala 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.”
From the Dangote Group’s perspective, the visit underscored the strength of a partnership that began during the refinery’s construction phase.
Group Vice President for Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said the relationship with Standard Bank Group has evolved alongside the project’s development.
“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.”
The expansion of the Dangote Petroleum Refinery is expected not only to benefit Nigeria but also to strengthen Africa’s refining capacity and industrial self-sufficiency at a time when the continent is increasingly focused on leveraging its resource base for economic transformation and global competitiveness.