Privatization: 17 PHCN successor companies to list on NSE

Bureau of Public Enterprises (BPE) , has  said that the 17 Power Holding Company of Nigeria (PHCN) successor companies will be listed on the floor of the Nigerian Stock Exchange (NSE).

Director General of BPE, Mr. Ezra Dikki disclosed this during a courtesy visit to the NSE and also ring the trade closing bell of the exchange yesterday in Lagos.

Dikki envisaged that in the next few years, as the Nigerian electricity supply sector moves into the hands of private sector owners and matures, the 17 PHCN successor companies will list on the exchange.

According to him, this is because the remaining government shareholdings in the DISCOs that are currently being privatised through core investor sale strategy, will be divested through the exchange.

“The GESCOs will come by differed public offer latter. We also expect many of them to come to the capital market to raise long term finance”, he said. He affirmed that, Preszident Goodluck Jonathan administration’s  transformation agenda is committed to growing and increasing the depth of the capital market.

The BPE boss stressed that the Federal Government recognises the role of the capital market in providing long term funding that will drive investments in the transport sector that will result from the reforms initiatives in the sector. Soon the roads, railways, inland waterways and the ports harbour bills will be presented to the Federal Exceutive council for approval and transmission to the National Assembly for enactment, he said.

He believed that once enacted and relevant regulatory agencies set up, it will create an enabling environment for private sector investment in concession and PPP contracts. Similar reform initiatives in the housing sectors and agricultural sector through the privatisation of the Abuja Commodities and Stock Exchange will all throw up vast investment oppourtunities for the capital market to finance, he stated.

He therefore promise that the BPE will continue to support and recommend initiatives to the Federal Government to ensure listing of enterprises through reforms and privatisation to deepen and improve the liquidity in the capital market.


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