DisCos, GenCo to List on Capital Market — BPE

The Bureau of Public Enterprises (BPE) has announced plans to list two electricity Distribution Companies (DisCos) and one Generation Company (GenCo) on the Nigerian Stock Exchange through an Initial Public Offering (IPO).

BPE Director-General, Mr. Ayodeji Gbeleyi, disclosed this on Tuesday in Abuja during a media briefing but declined to name the firms, citing confidentiality. He revealed that shareholder loan agreements had been executed for 10 of the 11 DisCos, with disbursements expected in the coming weeks.

Gbeleyi also noted that the planned privatisation of five GenCos remained suspended due to exchange rate volatility and transmission challenges, which have hindered their participation in the eligible customer regime.

The development comes against the backdrop of recurring tariff disputes between the Federal Government and power distributors, who have often clashed with state electricity regulators over pricing frameworks. In response, Nigerian Electricity Regulatory Commission (NERC) Chairman, Sanusi Garba Oseni, urged DisCos to strengthen ties with state regulators, emphasising transparency, accountability, and mutual respect.

On the broader reform agenda, Gbeleyi said the bureau was prioritising energy and infrastructure projects under the Renewed Hope Agenda. These include the Distribution Sector Recovery Programme (DISREP), Afam III Fast Power, Makurdi Hydropower Plant, and mining sector reforms.

He added that the BPE was also working to diversify the economy through the 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).

Further, Gbeleyi disclosed 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 the National Inland Waterways Authority (NIWA).

Despite these strides, he highlighted challenges undermining the bureau’s efforts, including the absence of a clear legal framework for Public-Private Partnerships (PPPs), resistance from some ministries and agencies, inadequate funding, and legacy litigations.

He assured that the BPE was working closely with the Ministry of Budget and Economic Planning and other stakeholders to strengthen the pipeline of bankable PPP projects to drive growth.