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).
The Director-General of the BPE, Ayodeji Gbeleyi, made this known on Tuesday in Abuja during his first official media briefing since assuming office in mid-last year.
The listing, he said, would involve the federal and state governments’ residual 40% and 30% stakes in the respective power firms.
While declining to name the companies due to what he described as the “sensitivity of the matter,” the BPE chief noted that the move would allow Nigerians to participate in the ownership of critical power infrastructure, while helping to strengthen corporate governance and transparency in the sector.
“We intend to drive shared prosperity and inclusiveness by listing part of the FGN/States’ 40%/30% residual shares in certain Discos and a Genco on the stock exchange,” Gbeleyi said, noting that the decision marks a shift toward market-driven ownership and corporate governance reforms.
There are 11 DisCos, including Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company (BEDC), Eko Electricity Distribution Company (EKEDC), Enugu Electricity Distribution Company (EEDC), Ibadan Electricity Distribution Company (IBEDC), Ikeja Electricity Distribution Company (IKEDC), Jos Electricity Distribution Company (JEDC), Kaduna Electricity Distribution Company (KAEDCO), Kano Electricity Distribution Company (KEDCO), Port Harcourt Electricity Distribution Company (PHEDC), and Yola Electricity Distribution Company (YEDC).
BPE targets revenue boost
Gbeleyi 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.
The BPE chief said so far in 2025, the agency has raised N170.74 billion, buoyed by the successful concession of the Zungeru Hydropower Plant (N101.5 billion) and the Afam III Fast Power project (N53.92 billion). However, other transactions — such as the sale of coal blocks, non-core telecom assets, and hydropower concessions — remain either underperforming or in progress.
Gbeleyi said the Bureau’s focus 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,” he said.
Established in 1999 as the Secretariat of the National Council on Privatisation under the Public Enterprises Act, the BPE has since completed 243 transactions. Of these, 109 public entities have been either fully or partially privatized or commercialized, while 91 remain untouched — including Nigeria’s refineries, airports, railways, and steel complexes.
Although the DG 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.
According to him, the BPE stands ready to support any actions or policies aimed at halting the financial leakages associated with Nigeria’s refineries. He noted that the national conversation has moved past the question of whether or not to privatize the facilities, implying that reform is now a matter of urgency rather than debate.
Gbeleyi defended the overall impact of privatization on Nigeria’s economy, citing measurable gains in sectors such as telecoms, maritime, pensions, and power. He pointed to Nigeria’s telecom revolution, which has grown from 400,000 active lines under NITEL to over 169 million subscribers today, with the sector contributing 14.4% to GDP.
What you should know
The initiative is part of the Bureau’s broader strategy to support President Tinubu’s Renewed Hope Agenda — focused on unlocking value from public assets, driving private investment, and accelerating job creation.
President Tinubu, in July 2025, gave anticipatory approval for a N4 trillion bond initiative aimed at addressing the liquidity shortfall in Nigeria’s power sector.
