Director-general, Bureau of Public Enterprises (BPE), Alex Okoh, has revealed that there will be more companies going public by way of Initial Public Offerings (IPO) in the coming months, stating that plans are ongoing to bring Nigerian Reinsurance Corporation and Eleme Petrochemical to the market by way of public offer.
Okoh disclosed this at the recent IPO signing ceremony of Skyway Aviation Handling Company Limited (SAHCOL), in Lagos.
“By way of public offer, we are expecting that in the next few months, Nigerian Reinsurance should also be coming to the market by way of public offers. So, what we are doing today, we are likely to do for Nigerian Reinsurance Corporation in the next two months,” he said.
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He also said, “Eleme Petrochemical should also be coming to the market by way of public offer sometime around March next year. We are in the process of finalising all the documentation required for that pubic offer. So, around February/early March next year, we should be having a ceremony similar to this for Eleme Petrochemical plant, which incidentally is also along with SAHCOL, one of the success stories of privatisation.”
Speaking with BusinessDay at the SAHCOL IPO ceremony, Okoh revealed that AFAM Power Plant would be privatised along with three other National Integrated power plants.
“We are also, by way of co-investors’ sales, privatising AFAM Power Plant, which is a power generation company. We are also looking at privatising three National Integrated Power plants in Kogi State, Calabar, and Omotosho power plant,” he said.
He concluded by saying that in terms of the distribution part of the power value chain, “we are also privatising Yola Disco in the next couple of months. By January, we should have concluded on the sale of AFAM Power Plant, and Yola Disco. So, these are some of the assets that we are bringing to the market on behalf of the Federal Government.”
