The Federal Government is concluding arrangements to list two electricity distribution companies (DisCos) and one generation company (GenCo) on the Nigerian Exchange (NGX).
Director General of the Bureau of Public Enterprises (BPE), Ayodeji Gbeleyi, at his maiden media briefing Tuesday in Abuja said the government was considering unbundling its equity stakes in two DisCos and a GenCo in the first phase of transactions aimed at unlocking values and enhancing the operating efficiency of national assets and state-owned enterprises.
Gbeleyi, who was appointed by President Bola Tinubu in mid-2024, said the unbundling would be done by offering part of the government’s residual equity stakes in the three power companies to the investing public through initial public offerings (IPOs).
He said the transactions would involve part of 40 percent equity stake and a 30 percent equity stake jointly owned by federal and state governments in the DisCos and GenCo respectively.
He, however, did not provide further details on the identities, timelines, values, and proportions of the offers, citing “sensitivity of the matter” and the need to protect the integrity of the transactions and avoid unnecessary anxieties among stakeholders.
He noted that the listing of the three power firms would allow Nigerians to participate in the ownership of critical power infrastructure while helping to strengthen corporate governance and transparency in the power sector.
“We intend to drive shared prosperity and inclusiveness by listing part of the FGN-States’ 40 percent/30 percent residual shares in certain Discos and a Genco on the stock exchange,” Gbeleyi said.
Market analysts yesterday said the transactions could unlock more than N2 trillion based on the average valuations of similar assets listed on the stock market.
Two GenCos are already listed on the NGX. Transcorp Power Plc, owned largely by Tony Elumelu-led Transnational Corporation of Nigeria (Transcorp Group), closed Tuesday with total market value of N2.15 trillion. Geregu Power Plc, owned mainly by Lagos billionaire businessman, Femi Otedola, was valued yesterday at N2.85 trillion
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).
In the Nigerian Electricity Supply Industry (NESI), there are some 23 power generating plants connected to the national grid, although in most cases, as many as five could be put out of operation owing to several constraints such as gas, transmission, vandalism and illiquidity in the sector.
The most prominent GenCos included Egbin Power Plc, Shiroro Power Plc, Kainji/Jebba Power Plc, Transcorp Power Plc, Geregu Power Plc, Sapele Power Plc, Geregu Power Plc, Dadinkowa and Azura-Edo among others.
Ikeja Electricity Distribution Company (Ikeja Electric), which has successfully optimised a functional corporate system, is Nigeria’s largest DisCos while the Ikorodu, Lagos-based Egbin Power Plc is the largest GenCo with an installed capacity of 1,320 MW consisting of six units of 220MW each.
Gbeleyi said BPE 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 National Inland Waterways Authority (NIWA).
He said the BPE was committed to exploring financial and ownership models that will block the leakages in the government’s refineries.
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.
He said the overall focus of BPE remains 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.
Since being established in 1999 as the Secretariat of the National Council on Privatisation under the Public Enterprises Act, BPE has completed 243 transactions. Of these, 109 public entities have been either fully or partially privatised or commercialized, while 91 remain untouched, including Nigeria’s refineries, airports, railways, and steel complexes.
Gbeleyi said the BPE had faced delay in concluding many transactions due several challenges, including lack of a clear and predictable legal framework for Public-Private Partnerships (PPP), resistance to reforms by some 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.
He pointed out that as part of the Renewed Hope Agenda, BPE is 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.
He stressed that BPE’s broader strategy was to support President Tinubu’s Renewed Hope Agenda by unlocking value from public assets, driving private investment, and accelerating job creation.
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.
According to him, so far in 2025, BPE has raised N170.74 billion, including successful concession of the Zungeru Hydropower Plant at about N101.5 billion and the Afam III Fast Power project at about N53.92 billion.
Gbeleyi defended the overall impact of privatisation on Nigeria’s economy, citing gains in key sectors such as telecommunications, 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 percent to Gross Domestic Product (GDP).
In the pensions sector, reforms have boosted Assets Under Management to N24.63 trillion as of June 2025, with more than 10.7 million Retirement Savings Accounts registered. In the ports, private terminal operations have cut cargo dwell times from 30 days to 7–14 days and attracted billions in investment since the 2006 port concessions.
He recalled that the unbundling of the Transmission Company of Nigeria (TCN) led to the creation of the Nigerian Independent System Operator (NISO) to promote market independence and efficiency.
On metering, he said from the 403,255 meters recorded in 2013, the industry as of 31st March 2025 has 6,468,036 meter installations to boot.
Giving the breakdown, he said 3.2 million meters came from the $500 million Distribution Sector Recovery Program (DISREP) Program while 2.5 million meters were from the Presidential Metering Initiative.
Gbeleyi said the debate has gone beyond whether to privatize the national refineries as the sales, commercialization and privatization are based on financial models.
He expressed commitment to working towards the realisation of the $1 trillion renewed hope economy.
He said the BPE is working to deliver 50 million jobs in line with the renewed hope agenda.