NESBITT Investment Nigeria Limited has acquired Peugeot Automobile Nigeria with a promise to inject $150m into the company in the next three years to revamp the automobile firm.
The new investor said the fund would be spent on retooling and upgrading the automobile company’s assembly line as well as in supporting infrastructure and working capital.
Speaking while taking over the firm at the PAN Assembly plant in Kaduna on Monday, the new Chairman, Ahmed Wadada-Aliyu 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.
He said 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.
He said, “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.”
He also assured of introducing robust car financing scheme which would be a collaboration and partnership between their dealerships and a few selected banks.
