THE Bureau of Public Enterprises (BPE) has unveiled plans to privatise 91 public companies as part of efforts to boost efficiency, increase revenue, and generate employment.
The Director-General of the BPE, Ayodeji A. Gbeleyi, disclosed the plan during a media briefing in Abuja today.
He also revealed that two Electricity Distribution Companies (DisCos) and one Generation Company (GenCo) are set for Initial Public Offerings (IPOs) on the Nigerian Stock Exchange.
He however did not specify the companies or the projected revenue from the exercise, noting that such details will be determined as the process unfolds.
Gbeleyi emphasized that the power sector presents a strong opportunity for IPOs, and the agency is actively working towards this goal.
“Due to transaction confidentiality, we cannot currently disclose the specific DisCos or the GenCo involved, as releasing this information could create undue concern among workers and the public,” he said.
On the Nigerian Electricity Supply Industry (NESI), the DG noted that 23 power plants are connected to the national grid, though operational challenges such as gas shortages, transmission issues, vandalism, and financial constraints mean that up to five plants may be non-operational at any given time.
Regarding previous reforms, Gbeleyi stated that shareholders’ loan agreements have been executed for 10 out of the 11 DisCos, with disbursements expected to commence soon.
He also highlighted that the privatisation of five GenCos has been temporarily paused due to exchange rate volatility.
“The fundamentals of these transactions have changed since they began in 2021, but the government continues to monitor the situation,” he said.
He further explained that some GenCos have not fully adopted the eligible customer regulations because of transmission limitations, stressing the need for infrastructure that allows power to be delivered from production sites to eligible consumers.
Gbeleyi also reported that core investors for four DisCos remain intact, while seven others have been restructured.
He pointed out that the unbundling of the Transmission Company of Nigeria (TCN) led to the creation of the Nigerian Independent System Operator (NISO), aimed at improving market efficiency and independence.
On metering, he noted significant progress, with 6,468,036 meters installed as of March 31, 2025, up from 403,255 in 2013.
About 3.2 million meters were supplied through the $500 million Distribution Sector Recovery Program (DISREP), while 2.5 million were installed under the Presidential Metering Initiative.