The Bureau of Public Enterprises (BPE) in Nigeria has announced plans to put two electricity distribution companies (known as Discos) and one electricity generation company (called a Genco) on the Nigerian Exchange, which is the country’s stock market.
During his first press conference since becoming the Director-General last year, Ayodeji Gbeleyi shared this news in Abuja. He explained that the government holds remaining shares in these companies—40% from the federal government and 30% from state governments. While he didn’t reveal the names of these companies because of their sensitive nature, Gbeleyi emphasized that this move would allow everyday Nigerians to have a stake in important power companies. It’s also expected to improve how these companies are managed and increase transparency in the electricity sector.
Gbeleyi said that this initiative aims to create shared wealth and make ownership more inclusive. This indicates a shift towards market-driven ownership and a larger role in overseeing these companies.
There are a total of 11 Distribution Companies (DisCos), which include the Abuja Electricity Distribution Company (AEDC), the Benin Electricity Distribution Company (BEDC), the Eko Electricity Distribution Company (EKEDC), the Enugu Electricity Distribution Company (EEDC), the Ibadan Electricity Distribution Company (IBEDC), the Ikeja Electricity Distribution Company (IKEDC), the Jos Electricity Distribution Company (JEDC), the Kaduna Electricity Distribution Company (KAEDCO), the Kano Electricity Distribution Company (KEDCO), the Port Harcourt Electricity Distribution Company (PHEDC), and the Yola Electricity Distribution Company (YEDC).
BPE aims to improve revenue
BPE is targeting an increase in revenue. Gbeleyi stated that the Bureau aims to generate N312.3 billion in revenue for 2025 through 15 strategic transactions, which consist of six projects focused on revenue generation and nine aimed at reform.
The BPE leader stated that by 2025, the agency would have accumulated N170.74 billion. This total is derived from the successful concession of the Zungeru Hydropower Plant, which contributed N101.5 billion, along with the Aram III Fast Power project, which added N53.92 billion. However, other transactions, such as the sale of coal blocks, non-core telecom assets, and hydropower concessions, are either progressing slowly or are still under development.
Gbeleyi highlighted that the Bureau is dedicated to making the public enterprise environment more efficient and competitive. He said, “At the BPE, we are truly starting a journey to improve the reform and privatization of public enterprises, one transaction at a time.”
Established in 1999 as the Secretariat of the National Council on Privatisation under the Public Enterprises Act, the BPE has successfully 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.
While the DG did not provide further details on the refineries, he confirmed that they are among the major state-owned enterprises “yet to see action,” while also indicating that plans are underway to “concession refineries, storage, and pipeline facilities” within the oil and gas sector.
A representative from the Bureau of Public Enterprises (BPE) stated that they are ready to back any efforts aimed at reducing the financial losses associated with Nigeria’s refineries. He mentioned that the conversation about what to do with these facilities has moved beyond simply debating whether to privatize them; now, there is a pressing need for real reform.
Gbeleyi discussed how privatizing certain sectors has significantly helped Nigeria’s economy. He pointed out major improvements in areas such as telecommunications, shipping, pensions, and energy. For instance, the telecom sector has changed remarkably, increasing from only 400,000 phone lines with the national carrier, NITEL, to more than 169 million subscribers today. This industry now accounts for 14.4% of the country’s economy. These initiatives are part of the BPE’s larger plan to support President Tinubu’s Renewed Hope Agenda, which aims to optimize public assets, promote private investments, and generate more job opportunities.
In July 2025, President Tinubu also approved a major plan involving a N4 trillion bond that aims to address the money issues affecting Nigeria’s power sector.
