17 PHCN successor companies to list on the Nigerian Stock Exchange – BPE

B2507212-PHCN-HeadquartersThe Bureau of Public Enterprises (BPE),  said it would  ensure  that  the 17 Power Holding Companies of Nigeria (PHCN) successor companies and a good number of other companies are  brought  to the floor of the Nigerian Stock Exchange (NSE) for listing .

Speaking on the floor of NSE, the director- general of BPE, Mr. Benjamin Dikki, said that in the next few years, as the Nigerian electricity supply sector moves into the hands of private sector owners and mature, the 17 PHCN successor companies would come for listing.

The director-general said that the remaining government shareholdings in the DISCOs  being privatised through core investor sale strategy would  be divested through the Exchange. He stated that BPE has always been in partnership  with the  NSE.

“The relationship between the bureau, the NSE and the Nigerian capital market is a long standing one, ”he said.

According to him,  about 55 companies listed on the stock exchange  came through the privatisation process. “During the first phase of the privatisation programme from 1989, 55 out of 111 enterprises scheduled for privatisation were privatised via public floatation,” he said. He noted that the programme recorded success that resulted in the listing of companies in banking, oil and gas marketing, manufacturing, hotels and hospitality sectors of the economy.

He  disclosed  that companies like First Bank, UBA, Oando, Conoil, Wapco were all privatised publicly and listed at the Exchange, saying that the commission would  help in developing and increasing the depth of the market by bringing enterprises for listing.

“We have also commenced discussion with some companies that we have core investors’ sales to be listed on the market. So there is hope that in the near future, many of the companies like Eleme Petrochemicals, Sahcol, Transcorp Hilton etc will be ready for listing,” he said.

He added that the federal government recognises the role of the capital market in providing long term funding that would  drive investments in the transport sector which  would  result from the reform initiatives in the sector. The CEO of NSE, Oscar Onyema, said that NSE has been working closely with  the BPE.

Speaking also, the managing director of Compass Investment & Securities Limited and the chairman of ASHON, Mr.Emeka Madubeika, pointed out that there were lots of companies that needed to be listed on the Exchange, which  include not just the federal  government enterprises.

 

Information from Leadership was used in this report.

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