$1trn economy: BPE moves to privatise DisCOs, GenCOs, Ajaokuta Steel Company, others

DIRECTOR-GENERAL of the Bureau of Public Enterprises (BPE), Mr Ayodele Gbeleyi, has said that the Bureau was strongly supporting the push to make Nigeria a $1 trillion economy through the privatisation of some top-range enterprises, including the Ajaokuta Steel Company, two electricity Distribution Companies (DisCos), and one Generation Company (GenCo).

He said the companies, which he refused to disclose for strategic reasons, would soon be listed for the Initial Public Offer (IPO) on the Nigerian Stock Exchange market.

Gbeleyi, who disclosed this during a media briefing on the activities of the Bureau in his office in Abuja on Tuesday, stated that while the nation would certainly make huge financial gains from the exercise, the Bureau would not immediately disclose the exact sum until the process is kick-started.

“We will take the process one enterprise at a time,” he said, adding that the agency had already identified the sectors that are potentially good candidates for listing on the Stock Exchange.

He also said that it could be disruptive if the Bureau were to go ahead to mention the names of the DISCOs and GENCOs slated for the Initial Public Offer (IPO) on the Stock Exchange, adding that “transaction confidentiality” is needed in the process.

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He said: “On the IPOs of potential DisCos and GenCos, at this stage, because of transaction confidentiality, we are not in a position to disclose out of the 11 DisCos, which are the two.

“And we are also unable to disclose the GenCo that is the target GenCo for confidentiality and in order not to create anxiety or apprehension, be it on the labour side, be it on the workers side, the company, or be it on the larger society.”

 On Ajaokuta Steel Company and the nation’s refineries, Gbeleyi said that nothing is cast in stone, adding that it was working in favour of the privatisation of Ajaokuta and the nation’s petroleum refineries.

He said that the Bureau was determined to pull through the privatisation process in line with the Renewed Hope Agenda of the administration of President Bola Tinubu.

The BPE DG, who spoke on the performance of his Bureau in the different sectors of the nation’s economy, said that it was to the credit of the Bureau that the Transmission Company of Nigeria (TCN) was unbundled, adding that the nation had started reaping the benefits with fewer disruptions in terms of Grid collapse.

He also stated that the Power Sector was receiving close attention with the ramping up of a metering process through World Bank-assisted finance.

According to him, the BPE was already working towards the delivery of 50 million direct and indirect jobs through the implementation of the Renewed Hope Agenda initiatives in the various sectors.

He stated: “Indeed, the Bureau of Public Enterprises plays a meaningful and strategic role in catalysing and repositioning the Nigerian economy. We are poised to consolidate on our past achievement as we pivot into a future of excellence with greater activism, doing so within the quality of Mr. President’s Renewed Hope Agenda towards the match to attain the $1 trillion economy.”

 He said that the Bureau would work with the Ministry of Budget and Economic Planning and other stakeholders to develop a pipeline of Private Public Partnership (PPP) projects that would bring clarity to the process.

Speaking on the Nigerian Electricity Supply Industry (NESI), he stated that so far, 23 power plants had been connected to the national grid, adding that with the unbundling of the TCN, the Nigerian Independent System Operator (NISO) has been helping to promote market independence and efficiency.

He further stated that while only 403,255 meters were installed in 2013, the sector has installed 6,468,036 meters as of March 31, 2025.

According to him, 3.2 million meters came from the $500million Distribution Sector Recovery Program (DISREP) Programme, while 2.5 million meters were from the Presidential Metering Initiative.