Nigerian Company Discovers Another Oil Reserve Worth Over $15bn, NNPC Unaware It Exists
- MSM Group has revealed the discovery of an oil reserve valued at more than $15 billion in one of its assets
- The company said the oil reserve was not even known to the Nigerian National Petroleum Company Limited (NNPCL)
- The chairman of MSM group also reacted to allegations of impropriety, stating that the company's values are built on transparency and excellence
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian conglomerate MSM Group said it has discovered an oil reserve valued at more than $15 billion in one of its assets.
This was made known by Muazzam Mairawani, chairman of MSM Group, while speaking with journalists over the weekend.
Source: Getty Images
According to Vanguard, Mairawani said the oil reserves discovered were huge, and the Nigerian National Petroleum Company Limited (NNPCL) was unaware of them before it was found.
MSM Group thanks President Tinubu
Mairawani also credited President Bola Tinubu’s foresight for the Group’s breakthrough in the oil and gas sector,
He noted that his company has presidential backing has helped the conglomerate expand and attract fresh investment
The breakthrough and pledging new investment into Africa’s top energy producer.
“Four years ago, I was not fully operating in oil and gas. When I approached the NNPC with ideas to improve 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."
Future IPO for MSM group
The chairman also revealed that MSM, through its Frontier Capital acquisition, is in the final stages of closing a $225 million Initial Public Offering (IPO) in the United States, a transaction he expects will be sealed before the end of August.
The company plans to channel the proceeds into expanding its footprint in Nigeria’s energy sector.
Mairawani added:
“Our target is to do $2.7 billion every year in investments into Nigeria."
Founded as a diversified conglomerate, MSM operates across oil and gas, cement, shipping, and power.
Mairawani reiterated that the group’s long-term vision was “bringing excellence to the globe” while contributing to job creation, industrial growth, and improved livelihoods.
Source: Getty Images
Allegations against MSM group
Mairawani also used the opportunity to address allegations of impropriety against MSM, noting that they were the handiwork of faceless individuals threatened by the Group’s rising profile, Punch reports.
He concluded.
“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.”
NNPC discovers new oil well in Nigeria
Earlier, Legit.ng reported that the NNPC Limited and FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) Joint Venture (JV) have made a significant hydrocarbon discovery in the Songhai Field, located in Oil Mining Lease (OML) 85.
This discovery is expected to significantly support the JV's ongoing efforts to boost oil output and sustainability over the following five years.
Source: Legit.ng
