Dangote, two states to buy Peugeot car assembly plant in Kaduna

Must Read

Lagos Announces Partial Closure of Marine Beach for Repairs

The Lagos State Government has announced the partial closure of Marine Beach Bridge by Total Gas, inwards Apapa for...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...
Dangote, two states to buy Peugeot car assembly plant in KadunaDangote, two states to buy Peugeot car assembly plant in Kaduna

The Asset Management Company of Nigeria (AMCON) is close to selling Peugeot Automobile Nigeria (PAN) Ltd, a local car assembly joint venture, to Africa’s richest man, Aliko Dangote, and two Nigerian states.

“We have concluded all processes on the bids since about two months ago, all we are waiting for (now) is the approval of the central bank,” Ahmed Kuru, AMCON’s chief executive, told Reuters on Friday.

PAN, a Nigerian vehicle assembly plant located in Kaduna state, has PSA Peugeot Citroen as its technical partner with a capacity to assemble 90,000 cars a year, according to its website.

Dangote, in alliance with the states of Kaduna and Kebbi and the Bank of Industry (BOI) development bank made a bid to acquire a majority stake in PAN last year as AMCON seeks to sell off some of the assets it acquired in the wake of the banking crisis.

- Advertisement -

Dangote’s eponymous group of companies is active in cement, oil, food and sugar, and is expanding into farming.

The automaker is worth over 15 billion Nigerian naira ($49 million) according to its last valuation, Kuru said, but declined to name the company Dangote and his partners are using to acquire the automaker.

Read Also:  Consuming Fanta, Sprite With Vitamin C Is Poisonous, Court Orders NAFDAC To Compel NBC To Warn Consumers

AMCON, set up in 2010 to clean up the banking system following a $4 billion rescue of nine lenders that came close to collapse, took over PAN after buying up its debt and converting it to equity. ($1 = 304.4000 naira)

 

- Advertisement -

 
(REUTERS)

- Advertisement -
Dangote, two states to buy Peugeot car assembly plant in KadunaDangote, two states to buy Peugeot car assembly plant in Kaduna

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Dangote, two states to buy Peugeot car assembly plant in KadunaDangote, two states to buy Peugeot car assembly plant in Kaduna

Latest News

Weird Facts On Some World-Class Celebrities

Keanu Reeves First on the list is Keanu Reeves where Neo (The Matrix) and Babayega (The Boogeyman) comes to mind....

Gov. Ishaku, USAID Sign New MoU to Improve Water Supply in Taraba

Taraba State Governor, Arc. Darius Dickson Ishaku, and USAID effective water supply and sanitation services E-WASH has signed a Memorandum of Understanding (MoU) to...

Ekeh Commends Imo Governor For Crashing ROW Charges

Serial digital entrepreneur and Chairman, Zinox Group, Leo Stan Ekeh has hailed Imo State Governor, Hope Uzodinma, for crashing the Right of Way (RoW)...

Notable Defensive-Midfielders Who Spent Their Career In One Football Club

Hey Guys! Am back again as promised. We are going to be looking at Defensive Midfielders who spent their career in a Football Club...

Most Loyal Top Attacking Midfielders of Football

Top Football Players nowadays rarely stay in one Club throughout their respective careers except for Messi of course who is likely to stay in...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Dangote, two states to buy Peugeot car assembly plant in KadunaDangote, two states to buy Peugeot car assembly plant in Kaduna