Africa’s largest financial institution, Standard Bank Group, has confirmed its support for the growth of Dangote Industries Limited and for the planned listing of the Dangote Petroleum Refinery.
In an announcement made on June 12, 2026, Standard Bank Group confirmed its support and its willingness to offer financial backing for future expansion in Africa.
Speaking after a strategic visit by the Standard Bank Group to the Dangote Petroleum Refinery and Dangote Fertilizer complex in Lagos, Standard Bank Group Chief Executive Sim Tshabalala acknowledged that Dangote Group is a large and important global player.
“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” Tshabalala stated.
Tshabalala also appreciated the relationship between the two institutions and assured the bank’s readiness to deepen its involvement with the Dangote Group.
The Standard Group CEO praised the refinery, calling it a game-changer and emphasized its growing economic impact.
“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.”
Dangote Industries executives welcomed the endorsement, citing the role of financial partnership in the delivery of the project.
The Managing Director and CEO of Dangote Petroleum Refinery, David Bird, insisted on the importance of partnerships in the delivery of large infrastructure projects.
“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group,” David Bird noted.
Also Read: Aliko Dangote Eyes Mega Oil Refinery Project in Mombasa
Standard Bank Group
Standard Bank Group is the largest banking institution in Africa, headquartered in South Africa.
The major markets in this group are South Africa, Kenya, Nigeria, Ghana, Uganda, and Angola.
The group is led by Sim Tshabalala, who was elected in 2017 and is the current CEO.
It was founded in 1962 and operates in 20 countries across Africa with four main divisions;
- Personal and Private Banking that serves everyday customers as well as high-net-worth individuals.
- Business and Commercial Banking, a division that serves large corporations, governments, and institutional clients.
- Corporate and Investment Banking, which serves large corporations, governments, and institutional clients.
- Insurance and Asset Management, a division that focuses on providing insurance, pensions, and investment services through subsidiaries such as Liberty.
Services provided by this group include personal banking, corporate and investment banking, trade finance, infrastructure funding, and wealth management.
Standard Bank Group trades in Kenya under Stanbic Bank.
Also Read: Standard Group Announces Exit of Jackline Okullo
About Dangote Group
Dangote Industries Limited, commonly known as the Dangote Group, was founded by Nigeria’s billionaire Aliko Dangote in 1981.
It has its headquarters in Lagos, Nigeria, and operates in 17 African countries.
Dangote Group deals in oil, cement production, fertilizer, sugar, salt, food processing, and infrastructure.
The group is led by Aliko Dangote, the President and CEO.
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