Nigerian tycoon Muazzam Mairawani plans a $600 million cement plant in Kebbi, challenging Dangote Cement and BUA.
Not slowing down after unveiling plans to take his diversified conglomerate, MSM Group, public in the United States this month, Nigerian oil and gas mogul Muazzam Mairawani is moving into new territory. He is preparing to challenge billionaire industrialists Aliko Dangote and Abdul Samad Rabiu in the cement market with a proposed $600 million cement plant in Kebbi State.
Mairawani, who has overseen MSM Group’s expansion across several sectors over the years, said the new factory will have a production capacity of 12 million tons. The plant is expected to shake up Nigeria’s cement industry, where Dangote Cement Plc and BUA Cement Plc dominate the market. Dangote and Rabiu, the men behind the two companies, are worth $24.3 billion and $7.2 billion respectively, according to Forbes.
Speaking at a press briefing in Abuja, Nigeria’s capital city, the MSM chairman said the Kebbi project will be built in clusters, each valued at around $600 million. He explained that the investment is part of MSM’s long-term push into manufacturing, which he believes will boost local production, create jobs, and support the federal government’s drive for industrialization.
The cement announcement came just days after Mairawani revealed plans for a $225 million initial public offering (IPO) in the United States. MSM Group intends to list 22.5 million units at $10 each on Nasdaq through its New York-based acquisition arm, MSM Frontier Capital. The move follows the discovery of oil reserves worth about $15 billion in one of the group’s assets.
New cement factory to challenge market leaders
MSM Group targets $225 million IPO
According to Mairawani, the IPO will support investments across oil and gas, cement, shipping, and power. “We are targeting $2.7 billion every year in investments into Nigeria,” he said, crediting President Bola Tinubu’s support for giving the group the confidence to expand globally. “Without the President’s approval, we would not have achieved these feats. To God be the glory, we didn’t let him down.”
MSM doubles oil reserves
Founded in 2011, MSM Group began as a fertilizer supplier before branching into logistics, cement haulage, shipping, fintech, and travel. In recent years, it has steadily expanded in oil and gas while maintaining interests in agriculture, cement, and technology. Under Mairawani’s leadership, the planned IPO is expected to strengthen MSM’s balance sheet and unlock new capital for energy and infrastructure projects.
The company has also made significant progress in oil exploration. Since acquiring Oil Mining Lease (OML) 98, it has grown reserves from 118 million barrels to 244 million barrels within six months. “Our growth has been driven by technical expertise and the experience of our team, many of whom have over three decades in the upstream sector,” Mairawani said.