BPE to list two DisCos, one GenCo on stock market via IPO

By Abubakar Yunusa

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) through an initial public offering (IPO).
Ayodeji Gbeleyi, BPE director-general (DG), spoke in Abuja during a media briefing.
Listing via IPO is when a private company sells shares of ownership to the public in a bid to raise capital for expansion, reduce debt, or fund other operations.
Gbeleyi declined to name the companies for confidentiality reasons.
He said shareholder loan agreements had been executed for 10 of the 11 DisCos, with disbursements expected soon.
The DG also said the planned privatisation of five GenCos was on hold due to exchange rate volatility and transmission limitations, which had hindered their participation in the eligible customer regime.
On national refineries, Gbeleyi expressed BPE’s willingness to support policies aimed at halting financial leakages.
As part of the Renewed Hope Agenda, Gbeleyi said BPE was fast-tracking key energy-related projects, including the Distribution Sector Recovery Programme (DISREP), Afam III Fast Power, Makurdi Hydropower Plant, and reforms in the mining sector.
Although he did not go into detail on the refineries, he confirmed they fall among the major state-owned enterprises “yet to see action,” while indicating that plans are underway to “concession refineries, storage, and pipeline facilities” in the oil and gas sector.
The DG said the overall focus of BPE remains on creating a more efficient and competitive public enterprise landscape.
“For us at the BPE, we have indeed set sail on re-engineering the reform and privatisation of public enterprises, one transaction at a time,” Gbeleyi said.
“The bureau is also working on broader economic diversification through partial or full commercialisation of key agencies such as the National Parks Service, Nigeria Film Corporation, Federal Mortgage Bank of Nigeria (FMBN), and the Federal Housing Authority (FHA).”
He added that there are ongoing engagements for the concession of five airports and the optimisation of Baro Inland Port in collaboration with the ministry of marine and blue economy and NIWA.
However, Gbeleyi said BPE has faced several challenges, including a lack of a clear and predictable legal framework for public-private partnerships (PPP), resistance to reforms by some ministries, departments and agencies (MDAs), inadequate funding, and legacy transaction-related litigation
He said BPE was working with the ministry of budget and economic planning and other stakeholders to build a strong pipeline of catalytic PPP projects.
Gbeleyi further said the bureau is targeting N312.3 billion in revenue for 2025 through 15 strategic transactions, including six revenue-generating and nine reform-based projects.
According to the DG, so far in 2025, BPE has raised N170.74 billion, including the successful concession of the Zungeru Hydropower Plant at about N101.5 billion and the Afam III Fast Power project at about N53.92 billion.
Also, Gbeleyi defended the overall impact of privatisation on Nigeria’s economy, citing gains in key sectors such as telecommunications, maritime, pensions, and power.
He said Nigeria’s telecoms sector has grown from 400,000 active lines under NITEL to over 169 million subscribers today, with the sector contributing 14.4 percent to gross domestic product (GDP).
On metering, he said from the 403,255 meters recorded in 2013, the industry as of March 31 has 6,468,036 meter installations to boot.
Gbeleyi said the debate has gone beyond whether to privatise the national refineries, as the sale, commercialisation and privatisation are based on financial models.
The DG expressed commitment to working towards the realisation of the $1 trillion renewed hope economy, adding that BPE is working to deliver 50 million jobs in line with the agenda.