The Bureau of Public Enterprises (BPE) has announced plans to privatise 91 public assets as part of a renewed strategy to enhance operational efficiency, boost government revenue, and create jobs.
The Director General of BPE, Mr. Ayodeji A. Gbeleyi, disclosed this during a media briefing on Tuesday in Abuja. He also revealed that two electricity distribution companies (DisCos) and one generation company (GenCo) have been listed for potential Initial Public Offerings (IPOs) on the Nigerian Stock Exchange (NGX).
However, Gbeleyi declined to name the companies or disclose projected revenue, citing transaction confidentiality.
“On the IPOs of potential DisCos and GenCo, at this stage, due to confidentiality, we are not in a position to disclose the identities of the companies involved. We want to avoid causing anxiety among workers, unions, or the public,” he said.
He added that the power sector remains a strong candidate for listing on the NGX, and preparatory work is underway to assess its viability.
On the state of the Nigerian Electricity Supply Industry (NESI), the BPE boss noted that 23 power plants are connected to the national grid. However, operational output is often limited, with as many as five plants out of service at any given time due to persistent issues including gas shortages, transmission constraints, pipeline vandalism, and sector illiquidity.
While BPE has yet to reveal the selection criteria for shareholders in the upcoming IPOs, Gbeleyi confirmed that shareholders’ loan agreements have been signed for 10 out of the 11 DisCos, with disbursement expected soon.
On the privatisation of five GenCos, Gbeleyi revealed that the process has been suspended due to exchange rate volatility and other macroeconomic headwinds.
“The transaction began in 2021 when the official exchange rate was around N450 to the dollar. By 2024, it had risen to an average of N1,600. Today, it’s about N1,575. These drastic shifts have changed the fundamentals of the transaction,” he explained.
Gbeleyi expressed concern that GenCos have not fully embraced the Eligible Customer Regulation, citing inadequate transmission infrastructure as a barrier.
“It’s not just about customer eligibility. If you generate power in Zungeru and want to sell it to a customer in Egbin, you must have the transmission capacity to wheel that power across regions,” he noted.
The DG further disclosed that four DisCos have retained their original core investors, while seven have undergone restructuring.
He also highlighted progress in sectoral reforms, noting that the unbundling of the Transmission Company of Nigeria (TCN) has led to the creation of the Nigerian Independent System Operator (NISO), aimed at promoting market transparency and operational efficiency.
On metering, Gbeleyi reported significant improvement. As of March 31, 2025, a total of 6,468,036 meters had been installed nationwide, compared to just 403,255 meters in 2013. He explained that this figure includes 3.2 million meters deployed under the $500 million Distribution Sector Recovery Program (DISREP) and 2.5 million meters installed through the Presidential Metering Initiative.
