Thursday, July 9, 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

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.”

President Bola Tinubu

Hot news Home top

I won’t betray Nigerians’ trust; my reforms will deliver better future: Tinubu

Mr Tinubu insisted that the ongoing reforms would eventually deliver lasting national prosperity.

Stock Market

Economy

Stock market transacts 1.66 billion shares, gains N962 billion

The uptrend was driven by broad-based buying interest across banking, consumer goods, industrial, insurance and telecommunications stocks.

Kano

Kano govt inaugurates 2025/2026 annual school census

The commissioner presented sample census questionnaires and other data collection materials to key education agencies.

Sport

Mbappé effigy burning in Paraguay fuels fans’ racism accusations

The decision to burn an effigy of Mbappe did not sit well with many on social media, and they are claiming racism as the motive behind it.

ISWAP

States

Soldier killed as ISWAP terrorists attack Borno military base

The army described the July 7 attack on the base as a coordinated assault that was successfully repelled by troops.

Nigerian visa

Diaspora

Nigeria suspends O15 third-party visa services for U.S.-based applicants

The service, which did not disclose reasons for the suspension, clarified that its e-visa system remained active for prospective travellers.