NESBITT Investment Nigeria has acquired Peugeot Automobile Nigeria (PAN) and plans to inject $150 million in the next three years to revamp the automobile company.
NESBITT said the $150 million investment would be spent on retooling and upgrading PAN’s assembly line as well as in supporting infrastructure and working capital.
Commenting on the acquisition of the company at the PAN assembly plant in Kaduna to CableNews on Monday, Ahmed Wadada-Aliyu, PAN’s new chairman, assured that the company would be introducing new brands of vehicles into the market to re-launch brand affordability in the country.
“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 our undertakings,” he said.
“In 2019, Nigeria imported at least 400,000 used cars as against 68,000 brand new vehicles. Because of this imbalance, PAN 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.”
“Our biggest concern is the over 50 assembly plants that have not made any matching investments but are enjoying the incentives of the auto policy.”