Investor acquires PAN, set to inject $150m into automotive firm

*The company will soon be rolling out cheap, affordable brand new vehicles for Nigerians ─Ahmed Wadada-Aliyu, new PAN Chair

Alexander Davis | ConsumerConnect

In a strategic move towards reviving, retooling and upgrading the automobile company’s assembly line, NESBITT Investment Nigeria Limited has acquired Peugeot Automobile Nigeria (PAN) Limited with a promise to invest $150million in the company in the next three years.

NESBITT disclosed that the fresh capital would be spent on retooling and upgrading the automotive company’s assembly line, and in supporting infrastructure and working capital, The Punch report said.

Ahmed Wadada-Aliyu, new Chairman of PAN, while taking over the firm at its car assembly plant in Kaduna, Northern Nigeria, Monday, October 19, assured that the company would soon be rolling out cheap and affordable brand new vehicles for Nigerians.

Wadada-Aliyu lamented that in 2019 alone, Nigeria imported not less than 400,000 used cars as against 68,000 imported brand new vehicles.

PAN Nigeria would be introducing new brands of vehicles into the market to re-launch brand affordability in the country such that Nigerians would have access to brand new vehicles, stated the Chairman.

He added: “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.

“In 2019, Nigeria imported at least 400,000 used cars as against 68,000 brand new vehicles.

“Because of this 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.”

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