The Asset Management Company of Nigeria, AMCON, has disclosed that it is in the final stage of Peugeot Automobile Nigeria, PAN, to Africa’s richest man, Aliko Dangote, and two Nigerian states namely Kaduna and Kebbi states.
The Chief Executive of AMCON, Ahmed Kuru, told Reuters that all processes on the bids were completed about two months ago. According to Kuru, all that is left is the Central Bank of Nigeria’s approval.
Dangote Group in partnership with the Kaduna, Kebbi states and the Bank of Industry, made a bid to acquire a majority stake in PAN last year after AMCON moved to sell off some of the assets it acquired in the wake of the banking crisis.
The automaker is worth over N15 billion. Peugeot Automobile Nigeria, PAN is a vehicle assembly plant of France’s Psa Peugeot Citroen with a capacity to assemble 90,000 cars a year. The company is located in Kaduna state.
