Africa largest bank, Standard Bank Group, don tok say dem go support Dangote Industries Limited, especially for di planned IPO of Dangote Petroleum Refinery. Dem also ready to finance future expansion projects across Africa.
Di commitment come during a strategic visit by Sim Tshabalala, Standard Bank group chief executive, plus senior executives to di Dangote Petroleum Refinery and Dangote Fertiliser complex for Lagos. After dem tour di facilities, Tshabalala yarn say di refinery na transformational industrial project wey get far-reaching implications for Nigeria and Africa.
“We dey here because Dangote Group na large and important global player and a significant force for di African continent,” e yarn. “Standard Bank na di largest financial institution for Africa and we don partner with Dangote on different initiatives. We dey here to lend support, to see dis magnificent refinery and to discuss Vision 2030 and how we fit continue supporting di Group growth ambitions.”
Tshabalala reveal say Standard Bank intend to play leading role for di refinery planned IPO and future growth initiatives. “As Dangote dey list, dere be IPO wey dey come and we be leading player for dat process,” e yarn. “As di Group continue to expand for Nigeria and across Africa, dere go be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.”
E describe di refinery as “a wonder of di world,” noting say im impact already dey feel through stronger foreign exchange earnings, improved balance-of-payments performance and enhanced energy security. “Dis na wonder to behold. E be massive, productive and transformative. E already dey make significant contribution to Nigeria economy through im impact on foreign reserves, di balance of payments and di lives of ordinary Nigerians,” e yarn.
Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, yarn say di visit represent significant milestone for partnership wey start during di refinery construction phase. “Di bank visit us during construction and understand di scale of wetin we dey build,” Edwin yarn. “Today, di refinery fully operational and dem fit see wetin dia support don help to create. E be like nurturing tree and eventually see am bear fruit.”
E add say both organisations dey explore opportunities to deepen collaboration as Dangote expand im industrial footprint across Africa. Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, David Bird, yarn say di visit highlight di importance of long-term partnerships for delivering large-scale industrial projects. “Standard Bank don be one of our strongest supporters throughout di history of di refinery and di broader Dangote Group,” Bird yarn. “Dis visit na opportunity to demonstrate wetin dat support don enable. Seeing be believing, and e allow our partners to appreciate di scale of wetin don achieve.”
Di visit also coincide with major operational milestone for di refinery, wey don exceed im original design capacity. Bird disclose say di refinery recently complete performance test runs at 700,000 barrels per day, above im nameplate capacity of 650,000 barrels per day. “We don always believe say engineering flexibility dey built into di design,” e yarn. “Achieving sustained production of 700,000 barrels per day na testament to di technical capability of our people and di strength of di systems wey we don build.”
