Presidential Backing Spurs MSM Group’s $15bn Oil Discovery, $225m IPO Drive

…Targets $2.7bn Annual Investment

The Chairman of MSM Group, Muazzam Mairawani, has linked the conglomerate’s recent breakthroughs in the oil and gas sector, including a $15bn oil reserve discovery and a $225m Initial Public Offering (IPO) plan, to the firm’s resilience in the face of mounting allegations he described as baseless.

Speaking in Abuja on Sunday during an interactive session with select journalists, Mairawani insisted that detractors were attempting to undermine the company’s credibility at a time it is gaining momentum globally.

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 disclosed that relevant authorities had been briefed to unmask those behind what he described as malicious campaigns against the conglomerate.

Despite the controversies, Mairawani unveiled that MSM has discovered oil reserves valued at about $15bn in one asset alone, adding that even the Nigerian National Petroleum Company Limited (NNPCL) is yet to be aware of the find.

The MSM boss also revealed that the Group, through its Frontier Capital acquisition, is finalising a $225m IPO in the United States, expected to close this month.

The plan, he said, would further strengthen the conglomerate’s capacity to channel up to ₦2.7bn annually into fresh investments in Nigeria.

Mairawani credited President Bola Tinubu’s approval for giving his company the confidence to push forward in a sector where initial scepticism abounded.

“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,” he stated.

He added that the President’s support has helped MSM to present its business “on the global stage” while diversifying into other sectors including cement, shipping, and power.

Reassuring both domestic and foreign stakeholders, Mairawani declared that MSM Group would not be distracted by allegations.

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

He also hailed Nigerians and international partners for their support.