Goldman Sachs Executives Hail Dangote Refinery as ‘Extraordinary’ After Tour

Senior executives of global investment banking and financial services firm Goldman Sachs have praised the scale and quality of Dangote Industries Limited’s integrated refinery, petrochemicals and fertiliser complex in Lagos, describing the project as an “extraordinary” industrial achievement.

The delegation was led by Anthony Gutman, Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking. During a visit to Nigeria, the team toured the Dangote Petroleum Refinery & Petrochemicals, Dangote Fertiliser Limited and supporting infrastructure on Wednesday, according to a statement on Friday.

Following an extensive inspection of the 700,000-barrel-per-day refinery, the Goldman Sachs executives said they were impressed by the ambition behind the development, its scale and quality, and the culture of its workforce.

“It is extraordinary what Mr Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people are very impressive,” the delegation said.

Responding, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the refinery and associated industrial facilities demonstrated the transformative potential of sustained, long-term investment in Africa.

He added that the conglomerate’s ambitions extended beyond its current strategic plan, with new investments and acquisitions expected to form part of its next growth phase.

“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it,” Dangote said. “But this is only the beginning. We need to look beyond 2030. The next phase of our journey will include new investments and acquisitions as we continue to scale the business.”

Dangote said the group’s internal financial modelling had strengthened management’s confidence that its target of generating $100 billion in annual revenue by 2030 was achievable.

According to him, the projections were based on conservative assumptions and indicated that the company could pursue an even more ambitious long-term growth strategy.

He also said strong employee participation in the recent private placement of the Dangote Petroleum Refinery reflected internal confidence in the company’s strategy and future prospects.

Other members of the Goldman Sachs delegation included Adib N. Zouein, Co-Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking & Markets Public; Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Jimi Adesanya, Head of Sub-Saharan Africa Sales, excluding South Africa.

The delegation was received by senior Dangote Industries executives, including Group Vice President, Oil and Gas, Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird; Group Executive Director, Oil and Gas, Fatima Aliko Dangote; and Chief of Staff to the President and Chief Executive, Ibrahim Dikko.

Others included Group Chief Branding and Communication Officer, Anthony Chiejina; Group Chief Economist, Dr Hassan Mahmud; Group Chief Strategy Officer, Aliyu Suleiman; and Head of Administration at Dangote Petroleum Refinery & Petrochemicals, Musa Bala.