AMCON To Sell Peugeot To Dangote, Two States
The Asset Management Company of Nigeria says it is close to selling Peugeot Automobile Nigeria Ltd to Africa’s richest man, Aliko Dangote, and two Nigerian states.
AMCON’s Chief Executive, Ahmed Kuru, told Reuters that all processes on the bids were completed about two months ago and all that is left is the approval of the Central Bank of Nigeria.
Dangote, in alliance with the states of Kaduna and Kebbi 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, a Nigerian vehicle assembly plant located in Kaduna State, has Psa Peugeot Citroen as its technical partner with a capacity to assemble 90,000 cars a year.