.Says allegations against it unfounded

Deji Elumoye in Abuja

Chairman of MSM Group, Mr Muazzam Mairawani, on Sunday unveiled a $15 billion oil discovery and $225 million Initial Public Offer (IPO) by the conglomerate.
Speaking with newsmen in Abuja on Sunday,
Mairawani attributed the Group’s breakthrough in the oil and gas sector to President Bola Tinubu recalling how initial scepticism from industry players gave way after the President personally approved the company’s entry.
According to him: “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 explained that the presidential backing emboldened MSM to expand and attract fresh investment, leading to the discovery of oil reserves valued at about $15bn in one asset alone, a figure he claimed even the Nigerian National Petroleum Company Limited (NNPCL) was not aware of.
Mairawani further revealed 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 stressed.
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 appreciated Nigerians and international partners for their support, assuring that the conglomerate would continue to contribute to national development, job creation, and improved livelihoods.
He also dismissed recent allegations of impropriety against the conglomerate, describing them as baseless, unfounded, and orchestrated attempts to tarnish the reputation of a company built on transparency and excellence.
Mairawani said the allegations were the handiwork of faceless individuals threatened by the Group’s rising profile.
His words: “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.
“MSM is here to stay. Allegations will not distract us from delivering excellence across all our business operations,” Mairawani further said.

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