AMCON sells Nigerian automobile assembly company PAN to new core investor

NIGERIA – NESBITT investment Nigeria limited has officially taken over the management of PAN (formerly Peugeot Automobile Nigeria) limited from the Asset Management Corporation of Nigeria (AMCON).

The Investment and Consultancy company plans to inject USD$150m for retooling and upgrading of the assembly line, support infrastructure and for working capital over the next three years.

 New Chairman of PAN Nigeria limited, Honourable Ahmed Wadada Aliyu during the official handing over of the dealership commended AMCON for the opportunity to invest in PAN as the new core investor.

Wadada further expressed his joy to be among the team tasked to awaken the huge sleeping giant of immense economic potentials.

 “we treasure our human capital and strongly believe in them to drive our visions and aspirations for PAN Nigeria,” Honourable Ahmed Wadada.

He further noted that NESBITT was immediately putting in place measures to attract and retain the best hands, so as to restore PAN Nigeria to its number one position in Nigeria and within the ECOWAS region.

Under the new leadership, PAN will undergo massive restructuring, to make it operations compliant to governance protocols, and to make the business transparent, efficient and ethical in all its undertakings.

PAN Nigeria will also be introducing new brands of vehicles into the market that are affordable to Nigerians from all walks of life.

In 2019, Nigeria imported at least 400,000 used cars (Tokunbo) as against 68,000 brand new vehicles.

 This according to Honourable Ahmed Wadada, was an inbalance that PAN will be seeking to address under the leadership of NESBITT.

To further enable more Nigerians own new cars, PAN plans to introduce a robust car financing scheme which will be a collaboration and partnership between our dealerships and a few selected banks.

Peugeot Automobile Nigeria Limited, PAN was incorporated in 1972 to assemble Peugeot vehicle which were in high demand at that time in Nigeria.

The company which had a for a long time exclusively assembled Peugeot automobiles started producing Higer buses following a partnership with Higer Bus Company Limited of China.

The models produced in Nigeria are Higer H5C 16-seats, Higer H6C 19-seats, and Higer Ambulance.

The vehicles, useful for mass transit, transportation of school children, and ambulance services, started rolling off the company’s assembly lines in Kaduna in December 2019.

Prior to the take-over by AMCON, the company was originally owned by the federal government and AP, as well as other shareholders before being sold to a new investor- ASD Motors.

AMCON was however forced to take over the assets of the company following huge indebtedness. Its sale to NESBITT heralds a new era in the company’s ownership and operation.

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