BY ISAIAH BENJAMIN Kaduna
NESBITT investment Nigeria limited has officially taken over the management of Peugeot Automobile Nigeria (PAN) limited as the core investor and plan to inject USD$150m for retooling and upgrading of the assembly line, support infrastructure and for working capital over the next three years.
At a formal handing over ceremony, the Chairman of PAN Nigeria limited, Honourable Ahmed Wadada Aliyu commended AMCON for the opportunity to invest in PAN as the new core investor, and expressed joy to be the company tasked to awaken the huge sleeping giant of immense economic potentials.
According to him, “we treasure our human capital and strongly believe in them to drive our visions and aspirations for PAN Nigeria and that is why we are immediately puting in place an attractive condition of service that will retain and motivate our human capital and also attract the best hands, so as to restore PAN Nigeria to it’s number one position in Nigeria and within the ECOWAS region.
” PAN under the supervision of the board shall undergo massive restructuring, and in so doing, we shall observe strict governance protocols, transparency, business integrity, efficiency and ethics in all our undertakings”.
He however lamented that in 2019, Nigeria imported at least 400,000 used cars (Tokunbo) as against 68,000 brand new vehicles, this he said was because of the inbalance, ” PAN Nigeria will be introducing new brands of vehicles into the market to re-launch brand affordability in Nigeria, such that Nigerians will have access to brand new vehicles” he assured.
Hon. Aliyu further assured of introducing a robust car financing scheme which will be a collaboration and partnership between our dealerships and a few selected banks.
“PAN Nigeria as the number one auto assembly plant in Nigeria shall take the leadership role in engaging stakeholders such as the National Assembly, the Federal ministry of trade , industry and investment (FMITI), Nigeria Automabile Design and Development Council (NADDC) Manufacturers Association of Nigeria (MAN) etc.
“PAN Nigeria shall be involved in the activities of the Bureau for Public Enterprise (BPE) committee set up to examine the auto industry.
” Our biggest concern is the over 50 numbers of Assembly plants who have not made any matching investments and are enjoying the incentives of the auto policy at the same time”.
He appealed to the Central Bank of Nigeria (CBN) and other genuine assembly plants so that foreign exchange is made available for their imports.
Hon. Aliyu also commended President Muhammadu Buhari for creating the enabling environment for their company to be able to commit to the huge investment and expressed hope that the President will continue to sustain this favourable environment for more investors into the country.