BPE to list Eleme Petrochemicals, others on NGX

The Bureau of Public Enterprise (BPE) has revealed plans to list Eleme Petrochemicals Ltd, Nicon Insurance, Nigeria Reinsurance and other privatised companies on the Nigerian Exchange Ltd. (NGX)

Director General of BPE, Mr. Alex Okoh who disclosed this in an interaction with newsmen in Abuja on Monday said the plan was in line with the integrated infrastructure master plan.

According to him, “The plan of the Bureau for 2024 is to list some of the privatised companies on the capital market. They include, Eleme Petrochemicals, Nicon Insurance, Nigeria Re-Insurance and the Nigerian machine company in Osogbo.

“The whole idea is to ensure that these companies are not only tied to some group of people but also to enable ordinary Nigerians to also get shares in these companies. It was done in the banking sector too when the likes of UBA and First Bank were privatised, it was done through public offer,” he said.

He also dispelled rumors of plan to swap power plants owned by the Niger Delta Power Holding Company (NDPHC) with distribution companies adding that “The 40 per cent stake owned by the federal government is not only reserved for the federal government as states also reserve a portion while Labour Unions are also agitating to be shareholders.”

He further expressed the government’s resolve to attract critical investments into different sectors of the economy as exemplified by President Tinubu’s numerous trips around the world to attract Foreign Direct Investments (FDIs).