A Nigerian conglomerate, MSM Group, has expressed its desire to acquire one of the most strategic power assets in the country, Geregu Power plant.
The firm is showing interest in the power and energy sector because of the reforms and investor-friendly policies of the administration of President Bola Tinubu.
Also, the company wants to give the current cement makers a run for their money by establishing a multi-billion dollar factory in Kebbi State.
Already, it has signed a $2.4 billion agreement with the Kebbi State Government for the development of a three-million-metric-ton-per-annum cement plant.
The project, which is expected to generate over 45,000 direct and indirect jobs, marks one of the largest industrial commitments in the region in recent years.
It is believed that when completed, cement products from MSM Group will be the preferred brand among consumers, especially for the construction sector.
At the moment, Dangote Cement controls a market share of about 57 per cent in Nigeria, leaving Lafarge Africa, Mangal, BUA Cement, PureChem and others to jostle for 43 per cent.
The chairman of MSM Group, Mr Muazzam Mairawani, while signing the deals with the Kebbi State government in Abuja recently, said the company’s expansion drive aligns with Nigeria’s broader industrialisation drive and is set to stimulate economic activity in northern Nigeria.
He explained that the new cement factory would be developed in four phases, each to attract investment exceeding $600 million, marking a significant capital injection into Nigeria’s industrial economy.
“From now to production, our time frame is a maximum of two years,” he said, adding that MSM plans to expand to other states after Kebbi.
According to him, the organisation is also scouting greenfield opportunities in Edo and Gombe States, which will strengthen its bid to compete favourably with others.