Standard Bank backs Dangote refinery IPO and expansion plans

Standard Bank Group, Africa’s largest lender, announced firm support for the planned initial public offering of the Dangote Petroleum Refinery during a visit by CEO Sim Tshabalala and senior executives to the refinery and fertilizer complex in Lagos. The bank said it will provide financial advisory and balance‑sheet support for the IPO and future expansion projects across the continent.

Dangote officials highlighted that the refinery is now operating at about 700,000 barrels per day, above its design capacity of 650,000 bpd, delivering stronger foreign‑exchange earnings, improved balance‑of‑payments and greater energy security for Nigeria. Executives from both organisations described the partnership as a long‑term collaboration that underpins the refinery’s role as a transformative industrial asset for Nigeria and Africa.