MSM Group has announced progress in developing a 12-million-ton cement factory in Kebbi State. The project will be executed in multiple clusters, each valued at $600 million.

At a press briefing in Abuja, MSM Chairman Muazzam Mairawani updated stakeholders on the project. He also highlighted another key venture in the company’s portfolio: OML 98. Originally pegged at 118 million barrels, the reserve recently expanded to 244 million barrels after additional findings.

Mairawani emphasized that the discovery relied solely on technical expertise and data, not seismic methods. The MSM team’s prowess, with decades of industry experience, was key to this success.

In further remarks, he revealed that MSM is nearing closure of its U.S. IPO MSM Frontier Capital Acquisition having raised $225 million, with a broader ambition to invest $2.7 billion in Nigeria.

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