UK-based businessman Chris Nathaniel, who is fronting the bid refused to confirm the size of the bid, however.
"We can't at this stage, that's confidential between ourselves and Newcastle, but a bid was put in on Friday evening," he said. "There's been no timeline given by Newcastle but we hope it will be sometime soon."
Previous reports suggested the Nigerian group had raised £350 million and was looking to increase that figure.
The group is one of several thought to be interested and is the first to announce it has tabled an offer, but Nathaniel told the BBC's African sports programme Fast Track, that it would not get involved in a bidding war.
"What they don't want to do is spend a load of money to buy the club and have no money to buy players and to work on what is a quite a troubled infrastructure," he said.
A spokesman for Newcastle United told the BBC that the club had no comment to make.
