…Mulls Listing Of 2 DisCos, 1 GenCo On Nigerian Exchange
….As Bureau Generates N170.74Bn Revenue In 8 Months
The Director-General of the Bureau of Public Enterprises (BPE), Mr. Ayodeji Gbeleyi, has assured Nigerians of the determination of the management of the Bureau to transform all public enterprises, particularly the privatized and concessioned entities, to revenue generation and major contributors to the current drive aimed at achieving a $1 trillion target for the nation’s economy by 2030
The Director-General, who gave the hint during an interactive session with journalists in Abuja on Tuesday, maintained that the era of doing ‘business as usual’ in public enterprises covered by the Bureau’s mandate was over and the era of achieving the targets and aspirations to drive inclusive economic growth and sustainable development as encapsulated in the President Tinubu’s 8 Focus Areas of the Renewed Hope Agenda had commenced.
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The privatization management expert spoke on the various initiatives of the BPE since its inception on the public enterprises across the broad spectra of energy and natural resources, telecommunications, manufacturing, agriculture and other sectors and the achievements recorded over the years to improve their contributions to the nation’s sustainable growth.
Giving the transaction analysis under the PE Act and the achievements recorded over the past years, the BPE boss disclosed that from the Pre-1999 up to 2023, a total of 243 had been undertaken by the Bureau, comprising 49 Assets sale, 51 Concession, 3 Core Investor (Willing Seller and Willing Buyer), 59 Core Investor Sale, 2 Debt/Equity Swap, Deferred Public Offer 1, and 11 Liquidation.
Others comprised 1 Management/Employee Buyout, 15 Private Placement, 49 Public Offer, 1 Revalidation of Sale, 1 Sale to Existing Shareholder, and 1 Shares sold to Institutional Investors on the floor of NSE.
Gbeleyi also spoke on BPE’s current projects and future strategic plan with direct and indirect impacts on the eight focus areas of the Renewed Hope Agenda of the present administration in terms of generating revenue, stabilizing the economy, creating jobs, and enhancing the country’s infrastructure stock.
On the Bureau’s Revenue Optimization agenda, he explained that the management intended to drive privatisation revenue generation by focusing on 15 strategic projects to generate N312.3 billion in the 2025 Appropriation Act- through Assets Sale/Privatisation from 6 Revenue Generating Projects and 9 Reforms-Based Projects, and Boost Agriculture for food security by Restructuring and Recapitalisation of the Bank of Agriculture (BOA), Recapitalisation and Full Commercialisation of NAIC, Partial Commercialisation and PPP Initiatives on some of the farming and irrigation projects of the RBDAs, and Sustainable Power and Irrigation Project in Nigeria (SPIN).
In addition, he spoke on the plans of the BPE management under his leadership to unlock Energy and Natural Resources by Improve energy supply by accelerating completion of strategic transactions, Distribution Sector Recovery Program (DISREP), Afam 3 Fast Power, Development of the Makurdi Hydropower Plant, and Reform of Mining Sector.
On the BPE’s support in the diversification of the economy to drive sustained inclusive growth, the Direcctor-General explained that the management under his leadership would vigorously pursues the Reform and Partial Commercialisation of National Parks and National Parks Service; Nigeria Film Corporation through the Partial Commercialisation of NFC; Full Commercialization and Recapitalisation of Federal Mortgage Bank of Nigerian (FMBN), and Concession of Kano and Calabar Free Zones.
This is even as he disclosed that the Bureau would, as part of its efforts to enhance Infrastructure and Transportation as economic growth enablers, Collaborate with the Ministry of Works and other stakeholders on Phase 11 of the Highway Development & Management Initiative (HDMI) through Value added concession of 30 Road corridors; sustain its ongoing engagement with the Ministry of Aviation and other stakeholders for the proposed concession of five Airports; and Collaboration with the Ministry of Marine & Blue Economy, NIWA, and other stakeholders for the optimisation of Baro Inland Port.
The Director-General also spoke on the status of revenue generating projects said that N312.33 billion was being targeted from six power generation plants and other sundry sources, adding that as of the end of August this year, N170.74 billion had been generated into the government coffers, representing 54.7% of the target.
He also explained that in the drive to improve the network infrastructure and operational efficiency in the power distribution sector, the World Bank approved a US$500 million facility for the Nigerian Distribution Sector Recovery Program (DISREP), comprising two components namely Investment Project Financing (IPF) and Program-for-Results (PforR), with each of them designed to address specific aspects of the program’s objectives and implementation.
Expatiating on the successes achieved in the power sector, the BPE boss disclosed that the Bureau had, in furtherance of its Reinvigoration of Post Transaction Risk-Based Monitoring & Evaluation Capacity for effective performance, embarked on collaborative engagements with NERC and other sector players for NESI Reset and also engaged the Ministry of Power, NERC and office of the Special Adviser (Energy) to Mr. President on the Presidential Metering Initiative (PMI) to bridge the country’s metering gap with 2.5 million meters.
He also disclosed that the Bureau secured NCP’s consent for the first secondary sale transaction (non regulatory induced) of WPG’s 60% equity in Eko Disco to NSP Consortium, and the Council’s consent for the divestment transaction of AMCON & Consortium of Lenders’ 60% equity in Ibadan Disco to Archlight Consortium,
On the resolution of legacy disputes undermining the performance of the power and other sectors, Gbeleyi said that the BPE had commenced discussions with the office of the Attorney General of the Federation/Ministry of Justice Eufraric and Daniel Power towards resolving Sapele 1&2, circa 850MW.
According to him, as part of the Bureau’s initiatives to strengthen the power sector, there are ongoing plans by the National Council of Privatisation (NCP) through the BPE to list two of the 11 power distribution companies (GenCos) and one power generation company (GenCo) on the Nigerian Exchange (NGX) to boost their funding for better performances
On the resolution of other legacy disputes, the Director-General hinted that the Bureau had engaged with the Office of the Honourable Attorney General (HAGF) and Ministry of Justice, and Office of the Vice President towards resolving the longstanding ALSCON’s complex legal issues and opened discussions with the HAGF/Ministry of Justice, and EFCC to resolve the longstanding litigation involving the Foreshore Towers property in Ikoyi, Lagos, part of the non-core assets of the privatised NITEL/MTEL
Speaking on the achievements of the Bureau on its dispute resolution efforts, he spoke on the successful resolution favouring the Bureau of a claim of former employees’ severance benefits paid in the sum of N1.13 billion by NAHCO Plc, thereby closing a longstanding post-privatisation liability, even as the BPE won in International Arbitration against Aulic Nigeria Limited – Lagos International Trade Fair Complex and BHS Matter circa N6.17 billion claims against the BPE was struck out by the court – TBS Lagos.
Gbeleyi also highlighted the various efforts by his management to enhance the operational capacity of the Bureau through Realignment of Directorates and Stand-alone Units for technical excellence and operational efficiency; Strengthening capacity development programme within the Bureau and introduction of experiential learning initiative towards enhancing skills and productivity; Deployment of Alternate Directors to only one PE Board of Directors for effectiveness; Driving culture and attitudinal change; and Leadership by example approach both internally and externally in interaction with PEs.
He also spoke on the achievements recorded during his 14-month tenure so far, including the Clearing-off of N45 billion from the N48 billion Accumulated Deficit of 8 years in BPE’s Annual Financial Statement (AFS) of 2021 and 2022; Conclusion of arrears of 2021, 2022, 2023 AFS within 6 months; Conclusion of the 2024 AFS in April 2025, restoring full compliance with the PE Act; and Submission of the 1st Annual Report of NCP/BPE to Mr. President in compliance with Section 7, PE Act.
The Director-General assured the public that during his tenure, all forms of revenue leakages in the privatized, concessioned and other public enterprises covered under the BE Act would be totally plugged to improve their performances, improve investor confidence in the privatization programme and position all of the entreprsies for optimal performance with the attendant positive implications for their contributions to the nation’s Gross Domestic Product (GDP) in the years ahead.
