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MSM Group, a diversified Nigerian conglomerate led by oil and gas mogul Muazzam Mairawani, has announced plans to close a $225 million initial public offering (IPO) in the United States this month, following the discovery of oil reserves valued at about $15 billion in one of its assets.
The announcement, made during an interactive session with journalists in Abuja, highlights MSM’s plan to expand its presence in Nigeria’s energy sector and attract international investors. The company intends to list 22,500,000 units at $10 each on Nasdaq through MSM Frontier Capital, a New York-based acquisition vehicle established in 2025.
Tinubu’s support strengthens IPO effort
Mairawani explained that the IPO, led by Frontier Capital, will fund investments across oil and gas, cement, shipping, and power. “We are targeting $2.7 billion every year in investments into Nigeria,” Mairawani said, crediting President Bola Tinubu’s support for emboldening the company to push its business on the global stage. “Without the President’s approval, we would not have achieved these feats. To God be the glory, we didn’t let him down.”
Reflecting on MSM’s early days in the oil and gas sector, Mairawani recalled initial skepticism from industry peers before Tinubu approved the company’s entry four years ago. He noted that the $15 billion reserves were discovered independently and said the Nigerian National Petroleum Company Limited (NNPCL) has yet to be formally notified.
Addressing allegations of misconduct against MSM, Mairawani described them as “baseless attempts to tarnish our reputation” and said authorities are investigating. “Despite scrutiny, we remain focused on national development and creating jobs. Allegations will not distract us from delivering quality across our operations,” he added.
From fertilizers to energy leadership
Founded in 2011, MSM Group started as a fertilizer supplier before expanding into logistics, cement haulage, shipping, fintech, and travel. Over the years, it has moved steadily into oil and gas while maintaining interests in agriculture, cement, and technology.
The planned IPO under Muazzam Mairawani’s leadership is expected to strengthen the company’s balance sheet and unlock capital for further energy and infrastructure projects. With presidential backing and claims of multi-billion-dollar reserves, Mairawani aims to position MSM as a notable player in Nigeria’s energy sector.
