By Lehlohonolo Lehana.
Africa’s largest lender, Standard Bank Group, has reaffirmed its support for Dangote Industries Limited, pledging to back the planned listing of the Dangote Petroleum Refinery.
The commitment followed a strategic visit by Standard Bank Chief Executive Sim Tshabalala and senior executives to the refinery and fertiliser complex in Lagos.
The endorsement comes as the refinery achieved a significant operational milestone, recording performance test runs of 700,000 barrels of crude oil per day, exceeding its official nameplate capacity of 650,000 barrels per day.
Tshabalala described the refinery as a transformational project for both Nigeria and the wider African continent.
“We are here because the Dangote Group is a large and important global player and a significant force on the African continent, “he 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 … [and see] how we can continue supporting the group’s growth ambitions.”
Referring to the refinery’s planned listing, Tshabalala said: “As Dangote lists, there is an IPO coming up and we are a leading player in that process.”
He added: “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.”
Tshabalala the refinery was already contributing to Nigeria’s economy.
“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.
Tshabalala’s visit coincided with an operational milestone for the refinery, which has exceeded its original design capacity.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, 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 refinery, which began fuel production in 2024, is already reshaping fuel trade flows across Africa.
Recent export data show growing shipments of petrol, diesel and jet fuel to African markets, while exports have also reached Europe, the United States and Saudi Arabia.