The Director General of Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has disclosed that the federal government will sell up to 20% of its shares in some of the companies it has partially privatised on the Nigerian Stock Exchange (NSE), to allow Nigerians own shares in them, THISDAY reports.
Okoh said the government’s share divestment programme would mostly affect privatised firms in the petrochemical sector of Nigeria. He also stated that privatised firms in the country would have to list in the country’s stock market because public listings were part of the strategic objective of the reform and privatisation programme of the government.
Okoh however said that the companies being targeted would not immediately include the electricity distribution companies (Discos) and generation companies (Gencos), which were hived off from the defunct Power Holding Company of Nigeria (PHCN), and in which the federal government still holds 40% in each of the Discos and in some of the Gencos. He explained that the electricity operators were underperforming and posting losses, which would not make them attractive propositions for the capital market.