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Aliko Dangote, Kaduna & Kebbi States To Buy Peugeot Automobile Nigeria
March 20, 2016 – Aliko Dangote Teams Up With Kaduna & Kebbi States To Buy Peugeot Automobile Nigeria
Alhaji Aliko Dangote has teamed up with two Nigerian states to bid for a majority stake in Peugeot Automobile Nigeria (PAN) Limited, a local joint venture with the French automaker, the governor of Kaduna State, Mallam Nasri el-Rufai has said.
Governor el-Rufai said the states of Kaduna and Kebbi, along with the Bank of Industry (BoI) and Dangote had submitted bids for the stake which Asset Management Corporation of Nigeria (AMCON) is offering to sell. PAN, the Nigerian assembly plant located in Kaduna State, has Peugeot Citroen PEUP.PA as its technical partner with a capacity to assemble 240 cars a day, PAN said on its website.
“We have submitted bids for the carmaker… with Aliko Dangote on board together with BoI, Kebbi and Kaduna State, we are confident our bid will sail through,” El-Rufai told a conference. el-Rufai did not provide further details.
Bids for AMCON’s stake closed on January 26. Peugeot’s Executive Vice President for Africa and the Middle-East, Jean-Christophe Quemard, met President Muhammadu Buhari in November to discuss reviving local production. Buhari is keen to promote a “Made in Nigeria” industrial policy. PAN Nigeria Limited was set up in 1972 as a joint venture between the Nigerian government and France’s Peugeot, with an annual production of 90,000 cars by the 1980s.
But operations nosedived and debt racked up shortly after the government sold its stake to local core investors in 2006, as cheap, imported, second-hand vehicles from Asia and poor manufacturing infrastructure hurt profits.
AMCON owns 79.3 per cent of PAN Nigeria Limited, having bought the company’s debt and taken some as equity.
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my lady
March 20, 2016 at 6:34 AM
OK OO
ademola dasola
March 20, 2016 at 7:50 AM
Nigeria is improving
John Emeka
March 20, 2016 at 8:38 AM
nice one
Amazon
March 20, 2016 at 9:54 AM
Money speaks, well done!!!
Olanrewaju
March 20, 2016 at 2:26 PM
Business men
jojo
March 20, 2016 at 2:53 PM
THE QUESTION IS, WILL YOU BE ABLE TO MANAGE IT PROPERLY?
El chindo mr novel
March 20, 2016 at 6:37 PM
Change dole nigeria must change
Maryf
March 20, 2016 at 7:39 PM
This is good news. Nigeria is coming up.
fifelomo
March 20, 2016 at 8:19 PM
Thats Okay
Tee
March 20, 2016 at 10:48 PM
Kudos to Gov El-Rufai and CEO Dangote for making for making this bold move,we need to take control of our development, this will create the necessary boost to stimulate investment in other service sectors as well, hopefully the unemployed graduates will get a chance to contribute to the development of the state. Good news indeed!
Naija go better o !
Precious
March 22, 2016 at 12:00 AM
This man really knows hw to make money work for him, I hail ur account o
chyna
March 22, 2016 at 9:17 AM
WOW NICE