MSM Group, a Nigerian conglomerate, has announced a $15 billion oil discovery and intends to raise $225 million through an Initial Public Offering in the United States.
The company’s chairman, Muazzam Mairawani, credited President Bola Tinubu’s support for enabling MSM’s entry into the oil and gas sector.
Mairawani explained that initial skepticism from industry stakeholders was overcome following the President’s endorsement, which encouraged MSM to expand its operations and attract new investment. The discovered oil reserves, valued at approximately $15 billion in a single asset, were reportedly unknown even to the Nigerian National Petroleum Company Limited.
Through its acquisition of Frontier Capital, MSM Group is finalizing the $225 million IPO, expected to close this month. The company plans to invest $2.7 billion annually in Nigeria, targeting sectors including oil and gas, cement, shipping, and power.
Addressing recent allegations of impropriety against MSM Group, Mairawani dismissed them as baseless attempts to tarnish the company’s reputation. He emphasized that these claims would not distract MSM from its mission of fostering national development, creating jobs, and improving livelihoods.
The company’s expansion plans reflect its commitment to excellence, transparency, and sustained contribution to Nigeria’s economic growth.
