Sunday, October 11, 2026

Standard Bank throws weight behind Dangote Refinery IPO, expansion plans

Mr Tshabalala said that the bank intended to play a leading role in the refinery’s planned Initial Public Offering (IPO) and future expansion projects.

• June 10, 2026
Dangote refinery
Dangote refinery

Standard Bank Group has pledged support for the planned listing of the Dangote Petroleum Refinery and future expansion projects across Africa.

The commitment was made on Wednesday during a strategic visit by Standard Bank Group chief executive officer, and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.

Speaking after touring the facilities, Mr Tshabalala described the refinery as a transformational industrial project with far-reaching implications for Nigeria and Africa.

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

“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,” he said.

Mr Tshabalala said that the bank intended to play a leading role in the refinery’s planned Initial Public Offering (IPO) and future expansion projects.

According to him, Standard Bank is well positioned to provide financial advisory services and balance-sheet support as the Dangote Group expands across Nigeria and Africa.

He described the refinery as “a wonder of the world,” noting that it was already boosting Nigeria’s foreign exchange earnings, balance of payments and 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.

Also speaking, Group Vice President, Oil and Gas, Dangote Industries Ltd., Devakumar Edwin, said the visit marked an important milestone in the partnership between both organisations.

Mr Edwin said Standard Bank had shown confidence in the project from its early stages and was now witnessing the results of its support.

He added that both organisations were exploring opportunities to deepen collaboration as Dangote expanded its industrial footprint across Africa.

The Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, said the visit underscored the value of long-term partnerships in delivering large-scale industrial projects.

Mr Bird noted that Standard Bank had been one of the refinery’s strongest supporters, noting that the visit offered an opportunity to appreciate the project’s achievements.

The visit coincided with a major operational milestone, with the refinery exceeding its original design capacity.

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

According to him, the achievement reflected the technical expertise of the workforce and the strength of the refinery’s operating systems. 

He said the sustained production level demonstrated the engineering flexibility built into the refinery’s design and reinforced its status as one of the world’s largest single-train refining facilities. 

(NAN) 

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Nigerian Bar Association

States

Independence: NBA urges Nigerians to expect better future

The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

The presidential candidate of the National Rescue Movement (NRM), Esther Okereke

Politics

2027: I’m not intimidated by Tinubu, Atiku, Obi, says NRM presidential candidate

Ms Okereke expressed confidence in her capacity and the party’s vision to rebuild the country.

Oladipupo Adebutu

Hot news Home top

Ladi Adebutu assures supporters of contesting 2027 election, says APC influenced INEC omission

INEC removed the name of Mr Adebutu from its final list of governorship candidates published on Saturday.

Cross River state map

Heading 2

2027: 241 candidates to contest 36 positions in Cross River

According to INEC’s final list of candidates, eight candidates are vying for the governorship seat.

National Sugar Development Council

Heading 4

NSDC targets over two million tonnes of sugar production through 13 projects

The projects comprised three existing operators and 10 proposed new sugar estates across eight states.

Peter Obi and Atiku Abubakar

Heading 5

2027: APC chieftain urges Atiku, Obi to make realistic campaign promises

He said the promise by Mr Abubakar and Mr Obi to restore fuel subsidy was unrealistic.