NESBITT investment Nigeria limited has officially taken over the management of Peugeot Automobile Nigeria (PAN) limited as the core investor and plans to inject $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, Hon 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 putting 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 its 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 imbalance, “ 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.

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.

He said, “PAN Nigeria as the number one auto assembly plant in Nigeria shal  take the leadership role in engaging stakeholders such as the National Assembly, the Federal Ministry of Trade, Industry and Investment (FMITI), Nigeria Automobile 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.

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