MSM Group Confirms Progress On $600m Kebbi Cement Factory, Expands Oil Reserves Amid IPO Launch

CHIDI UGWU

The MSM Group on Monday reaffirmed its commitment to delivering a 12 million-ton capacity cement factory in Kebbi State, with the project being executed in phased clusters, each valued at $600 million.

Speaking at a press conference, MSM Group Chairman Muazzam Mairawani provided an update on the company’s progress. He explained that since its inception in 2017, MSM has steadily expanded its operations, including its control of the oil asset OMEL 98, which plays a key role in supporting Nigeria’s goal to increase crude oil production to 2 million barrels per day.

Mairawani revealed a significant discovery in the OMEL 98 reserve. Originally estimated at 118 million barrels, MSM’s recent assessments have identified an additional 126 million barrels, bringing the total reserve to 244 million barrels. “This achievement reflects the technical expertise within MSM Oil and Gas, where we rely on data-driven approaches rather than seismic surveys. Our team boasts over three decades of upstream oil and gas experience, incorporating valuable insights from industry veterans,” he stated.

In terms of corporate governance, Mairawani emphasized MSM Group’s transparency and willingness to cooperate fully with anti-corruption agencies. “We are nearing the closure of our Initial Public Offering (IPO) in the United States through MSM Frontier Capital Acquisition, aiming to raise $225 million within this month. Our broader investment target for Nigeria stands at $2.7 billion. None of these milestones would have been possible without the support of the President,” he added.

Addressing recent accusations leveled against the company, Mairawani dismissed them as baseless and politically motivated. “These allegations are completely unfounded efforts to damage our reputation. MSM Group has always upheld principles of excellence, transparency, and integrity,” he asserted. The chairman confirmed that relevant authorities have been notified and are actively working to identify those responsible for the malicious claims.

With these developments, MSM Group signals strong growth across its energy and industrial sectors while reinforcing its dedication to ethical business practices and national economic support.