• Says two DisCos, One Genco for IPO
• Disburses $250 million loan to 11 DisCos
The Bureau of Public Enterprises (BPE) has disclosed plans to privatise 91 firms for optimal performance, greater revenue generation and job creation.
Director-General of the agency, Ayodeji Gbeleyi, who said this, yesterday, during a media briefing in Abuja, also informed that two electricity distribution companies (DisCos) and one generation company (GenCo) had been listed for the Initial Public Offer (IPO) in the Nigerian Stock Exchange (NSE) market. He, however, did not disclose the companies or the amount to be generated from the exercise.
According to him, that would be determined in the course of the exercise. The DG added that the power sector has the potential of being a good candidate for an IPO on the NSE, and that the agency is currently working on it, but declined to disclose the names of the DisCos and GenCo for the purpose of corporate confidentiality.
On the Nigerian Electricity Supply Industry (NESI), the DG reiterated that 23 power plants are connected to the national grid and that in most cases, as many as five could be put out of operation owing to several constraints, including vandalism, illiquidity and others in the sector.
Gbeleyi added that shareholders’ loan agreements were recently executed for 10 out of the 11 DisCos.
According to him, the disbursement of the loan would begin soon. The DG said that concerning the privatisation of five GenCos, the transaction had been kept in abeyance due to exchange rate volatility and other factors.
Gbeleyi, who, however, frowned that the GenCos have not keyed into the eligible customer regulation because of transmission challenges, said: “Eligible customers will also need transmission capability. If you produce power in Zungeru and you need to sell power in Egbin Power, there will be transmission infrastructure for you to be able to dispatch your power.
“It is not just about the eligibility of customers, but you must also ensure that you have the wheeling infrastructure to deliver that power to that eligible customer.”
The BPE director-general further revealed that core investors of four DisCos remained intact while seven had been restructured, stressing 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.
He noted that from the 403,255 meters recorded in 2013, the industry as of March 31, 2025, has 6,468,036 meter installations, saying that 3.2 million meters came from the $500 million Distribution Sector Recovery Programme, while 2.5 million meters were from the Presidential Metering Initiative.
The BPE boss also revealed that the agency is set to disburse $250 million in shareholders’ loans to the 11 DisCos for system improvements and power assets rehabilitation, explaining that shareholders’ loan agreements were recently executed for 10 out of the 11 DisCos. He said that under IPF, 3.2 million meters would be distributed, with 330 meters shipped, 160,300 delivered, and 160,700 near completion.
According to him, the Bureau of Public Enterprises (BPE) has strengthened contract and compliance management and intensified oversight of DisCOs. He said that the Bureau represents the government’s interest on the boards of DisCOs, ensuring alignment with best practices.
Also on litigation resolution, he said the Bureau is engaged with the Office of the Attorney General of the Federation to resolve long-standing litigation issues.
