MSM Group unveils $15bn oil discovery, $225m IPO plan

…Targets ₦2.7bn annual investment

…As its Chairman describes allegations of impropriety as baseless

By Johnbosco Agbakwuru

ABUJA — CHAIRMAN of MSM Group, Muazzam Mairawani, on Sunday said the presidential backing has emboldened his conglomerate to expand and attract fresh investment, leading to the discovery of oil reserves valued at about $15bn in one asset alone.

He said even the Nigeria National Petroleum Company Limited, NNPCL is not aware of the reserve.

Mairawani also dismissed recent allegations of impropriety against MSM, describing them as baseless, unfounded, and orchestrated attempts to tarnish the reputation of a company built on transparency and excellence.

Speaking in an interactive session with select journalistsin Abuja, Mairawani said the allegations were the handiwork of faceless individuals threatened by the Group’s rising profile.

He said: “I want to state clearly and categorically that these allegations are completely unfounded, baseless, and without any merit. They are attempts to tarnish the reputation of our Group, which has, over the years, stood for excellence, transparency, and integrity in all its operations.”

He noted that relevant authorities had already been informed and were working to unmask those behind the malicious claims.

The MSM Chairman credited President Bola Tinubu’s foresight for the Group’s breakthrough in the oil and gas sector, recalling how initial scepticism from industry players gave way after the President personally approved the company’s entry.

“Four years ago, I was not fully operating in oil and gas. When I approached the NNPC with ideas to enhance production, many did not believe in us. But the moment I met Mr. President, he believed in us. To God be the glory, we didn’t let him down,” Mairawani stated.

Mairawani, who revealed the discovery of oil reserves valued at about $15bn in one asset alone, further stated that MSM Group, through its Frontier Capital acquisition, was at the final stages of closing a $225m Initial Public Offering (IPO) in the United States, expected to be sealed this month.

“Our target is to do $2.7bn every year in investments into Nigeria. Without the President’s support, MSM would not have achieved these feats. His approval gave us the courage to present our business on the global stage,” he added.

He reiterated that MSM Group remains focused on expanding opportunities across oil and gas, cement, shipping, and power, with the mission of “Bringing Excellence to the Globe.”

Mairawani thanked Nigerians and international partners for their support, assuring that the conglomerate would continue to contribute to national development, job creation, and improved livelihoods.

“MSM is here to stay. Allegations will not distract us from delivering excellence across all our business operations,” he concluded.

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