MSM Conglomerate Strikes Massive $15 Billion Oil Discovery in Nigeria
In a stunning announcement that could reshape Nigeria’s energy landscape, MSM Group Chairman Muazzam Mairawani revealed on Sunday the discovery of oil reserves valued at approximately $15 billion from a single asset, alongside plans for a $225 million Initial Public Offering (IPO) in the United States.
Speaking to reporters in Abuja, Mairawani credited President Bola Tinubu’s personal backing for the breakthrough, revealing that the Nigerian National Petroleum Company Limited (NNPCL) was previously unaware of the massive reserves. The discovery comes after initial skepticism from industry players when MSM first approached NNPC with production enhancement proposals four years ago.
“The moment I met Mr. President, he believed in us. To God be the glory, we didn’t let him down,” Mairawani stated, explaining how presidential approval gave the company courage to present their business on the global stage.
The conglomerate is now in final stages of closing the $225 million IPO through its Frontier Capital acquisition, with completion expected this month. MSM has set an ambitious target of $2.7 billion in annual investments into Nigeria across oil and gas, cement, shipping, and power sectors.
Mairawani dismissed recent allegations against the conglomerate as “baseless and unfounded,” describing them as orchestrated attempts by faceless individuals threatened by the group’s rising profile.
Source: thisdaylive.com
