Investor To Buy 45-Yr Old Peugeot Plant For N21bn

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) 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 held. The sort...

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

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

A new core investor is set to take over the management of PAN Nigeria Limited (formerly Peugeot Automobile Nigeria Limited) in Kaduna by October 2020, after paying N21 billion.

This followed the sale of the plant to the investor by the Assets Management Corporation of Nigeria (AMCON) whose identity is yet to be revealed.

Peugeot was conceived in 1969 by the then Federal Military Government under General Yakubu Gowon. Then, 16 vehicle manufacturing companies tendered to have a vehicle assembly plant in Nigeria.

It was later commissioned on March 14, 1975, as a joint venture between the government of Nigeria, Automobiles Peugeot of France and Nigerian shareholders.

The plant was built at N8.5 million with an installed capacity for about 20,000 Peugeot cars annually.

- Advertisement -

In 2005, ASD Motors acquired the plant under the Federal Government’s privatization programme at the sum of $32m. But in 2012, the plant came under the receivership of AMCON, a recovery agency of the Federal Government which has been managing it pending the time a new core investor would be found.

However, sources confirmed that a new core investor has paid N21bn to take over the management of the plant.

A senior official of the plant said, “The new investors are already around comparing notes. They are expected to take over by next month barring any change.”

Another source said many workers of the plant are very excited about the impending change of ownership in the company which they see as a positive development.

Read Also:  Peugeot 301 is Nigeria's 'Car of the Year' for 2017 (Photos & Video)
- Advertisement -

“The plant is still very viable and with new investors coming in, they are expected to pump in more money.

“We see this as a bold acquisition at this time of the COVID-19 and the economic uncertainty.”

When contacted yesterday on this, AMCON spokesman, Jude Nwazor said, “The process is ongoing.

“Once concluded, we will make it known.”

- Advertisement -

Meanwhile, an automotive expert and former Acting Managing Director of the National Automotive Design and Development Council (NADDC), Mr. Luqman Mamudu described the development as good news.

“The truth is that PAN Nigeria remains the most complex European built CKD (Complete Knocked Down) Automotive assembly plant with even Engine assembly platform in Nigeria.

“I am sure the new investors will put it to complete use and this will boost CKD operations in Nigeria.

“Most of the facilities currently installed in the industry are SKD (Semi Knocked Down) and it’s about time to move up above this level to deepen local content which is the overall objective of the NAIDP,” he said.

- Advertisement -
Investor To Buy 45-Yr Old Peugeot Plant For N21bn - Brand SpurInvestor To Buy 45-Yr Old Peugeot Plant For N21bn - Brand Spur

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.

- Advertisement -


Please enter your comment!
Please enter your name here

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

Investor To Buy 45-Yr Old Peugeot Plant For N21bn - Brand SpurInvestor To Buy 45-Yr Old Peugeot Plant For N21bn - Brand Spur

Latest News

Allianz Risk Barometer 2021: Covid-19 trio tops global and Asia Pacific business risks

10th Allianz survey: Business interruption, Pandemic outbreak and Cyber incidents are the top three global business risks for 2021 -- all strongly interlinked. Globally, Pandemic...

VP Bank in Singapore Awarded Best Private Bank in Asian Private Banker Awards for Distinction 2020

HONG KONG SAR - Media OutReach - 18 January 2021 - VP Bank Ltd Singapore Branch has been awarded 'Best Private Bank --...

Amazon to host first Southeast Asia Seller Summit for small and medium-sized businesses to Start Local, Go Global

The two-day complimentary virtual event focuses on empowering small and medium-sized businesses to develop strategies and skills to reach more customers locally and globally SINGAPORE...

PropertyGuru Tackles Top Home Loan Refinancing Misconceptions Among Singaporeans in New Research

45% of Singaporeans feel unwise to refinance within lock-in period, a top home loan misconception hampering opportunities to save money  SINGAPORE - Media OutReach - 18 January...

Local Equities Market Falls by 0.23% amid Renewed Bearish Activity

Nigeria’s equities benchmark index fell today by 0.23% to 40,963.14 points. Year to date return and market capitalization settled at 2.02%, and N21.41 trillion...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Investor To Buy 45-Yr Old Peugeot Plant For N21bn - Brand SpurInvestor To Buy 45-Yr Old Peugeot Plant For N21bn - Brand Spur