BPE targets NGX listing for two DisCos, one GenCo

… as revenues hit N170.7bn in eight months

The Bureau of Public Enterprises (BPE) has announced plans to list two electricity distribution companies (DisCos) and one generation company (GenCo) on the Nigerian Exchange (NGX) as part of measures to strengthen the power sector and attract fresh capital for improved performance.

Director-General of the Bureau, Ayodeji Gbeleyi, disclosed this in Abuja during an interactive session with journalists, noting that the move is in line with the National Council on Privatisation’s (NCP) strategy to boost private sector participation and support the Federal Government’s ambition of building a $1 trillion economy by 2030.

Gbeleyi revealed that the BPE had already secured NCP’s approval for landmark transactions, including the secondary sale of WPG’s 60% equity in Eko Disco to NSP Consortium, as well as the divestment of AMCON and lenders’ 60% stake in Ibadan Disco to Archlight Consortium.

On dispute resolution in the sector, the DG said the Bureau had initiated talks with the Office of the Attorney General of the Federation, Ministry of Justice, and other stakeholders to address longstanding issues, including the Sapele Power Plant cases involving 850MW capacity.

Providing updates on the Bureau’s activities, Gbeleyi stated that since its inception up to 2023, the BPE has completed 243 transactions across various sectors, ranging from asset sales, concessions, and public offers to debt-equity swaps and liquidations. He stressed that the Bureau is now shifting focus to strategic projects designed to stabilise the economy, generate jobs, and enhance infrastructure.

For 2025, the BPE is targeting N312.3 billion in privatisation revenue through 15 projects, spanning power, agriculture, energy, and infrastructure. These include the restructuring and recapitalisation of the Bank of Agriculture (BOA), commercialisation of the Nigeria Agricultural Insurance Corporation (NAIC), completion of power projects such as Afam 3 Fast Power, and concessions of airports, road corridors, and free trade zones.

Already, the Bureau has generated N170.74 billion between January and August 2025, representing 54.7% of its annual revenue target. Gbeleyi also highlighted ongoing partnerships with the World Bank on a $500 million Distribution Sector Recovery Programme (DISREP) and with the Presidency on the rollout of 2.5 million meters under the Presidential Metering Initiative (PMI).

The DG further noted that efforts to resolve legacy disputes, such as the Aluminium Smelter Company of Nigeria (ALSCON) litigation and Foreshore Towers property issues, have gained momentum, while recent arbitration and court victories have saved the Bureau billions in potential liabilities.

Reflecting on his 14-month stewardship, Gbeleyi pointed to the clearance of N45 billion from the Bureau’s long-standing financial deficits, the timely submission of audited reports, and strengthened institutional capacity through organisational reforms.

He assured stakeholders that the Bureau would continue to block revenue leakages, reposition state-owned enterprises for profitability, and boost investor confidence in Nigeria’s privatisation programme.

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