MSM Unveils $2.4bn Cement Mega Deal, Eyes Geregu Power Plant

Nigerian conglomerate MSM Group has unveiled a $2.4 billion agreement with the Kebbi State government for a three-million-metric-ton-per-annum cement plant, marking a major step in its ambitious expansion strategy.

The group is also pursuing the acquisition of the Geregu Power Plant as part of its growing footprint in Nigeria’s critical cement and energy sectors, positioning itself to rival established giants such as Dangote, Lafarge and BUA.

The move is designed to position MSM Group as a formidable competitor to leading industry players in cement and power. The latest investments signal a broader strategy to cement its status as a key player in Nigeria and Africa’s energy and construction sectors.

In addition to cement, MSM is advancing strategic initiatives aimed at reshaping its role within the continent’s rapidly evolving industrial landscape. Industry analysts say the group’s expansion could significantly alter competitive dynamics in both the energy and construction markets.

The $2.4 billion agreement with Kebbi State, signed in Abuja, is for a cement plant expected to create over 45,000 direct and indirect jobs—one of the region’s largest industrial commitments in recent years. The ceremony was attended by officials from Kebbi State, the federal government and MSM Group executives. The project aligns with Nigeria’s broader industrialisation drive and aims to stimulate economic activity in northern Nigeria.

The chairman, Alhaji Muazzam Mairawani, outlined MSM’s expansion plans, revealing that the cement plant would be developed in four phases. Each phase is expected to attract investments exceeding $600 million, injecting substantial capital into Nigeria’s industrial economy.

“From now to production, our timeframe is a maximum of two years,” Mairawani said, adding that MSM plans further expansion to other states after Kebbi.

The group is scouting for greenfield opportunities in Edo and Gombe states to bolster its competitive edge against Dangote Cement, BUA Cement and Lafarge Africa.

MSM Group has rapidly evolved into a multi-sectoral conglomerate spanning cement, oil and gas, agriculture and infrastructure.

In a significant diversification move, the company has entered the race to acquire the Geregu Power Plant, one of Nigeria’s most strategic power assets. This bid shows its growing interest in the power and energy sector, as it seeks to capitalise on Nigeria’s ongoing power sector reforms and investor-friendly government policies.

At the helm of MSM Group’s aggressive expansion strategy is the chief operating officer, Babatope Adedara, an internal audit expert previously with PNC Financial Services, and the chief financial officer, Tosin Okojie, formerly CFO at Niche. Together, they are leading a company-wide recruitment drive to support the firm’s growing operations and fill a wave of new vacancies across its portfolio.

These bold moves are cementing MSM Group’s dominance in Nigeria’s industrial scene a