New investor takes over PAN, set to inject $150 million

The Peugeot Automobile of Nigeria (PAN) has been taken over by a new investor, NESBITT Investment limited, revealing that a whopping sum of $150 million would be injected into the automobile company within three years.

Speaking at the taking over ceremony at the Assembly plant in Kaduna on Tuesday, the new Chairman, Hon. Ahmed Wadada Aliyu stressed that the fund would help in retooling and upgrading the Assembly line, the support infrastructure as serves as working capital.

He added that the company would be repositioned to meet the yearnings of Nigerians on automobile, saying that the company would soon be rolling out cheap and affordable brand new vehicles for Nigerians.

Rolling out statistics, Wadada said over 400,000 used cars and 68,000 brand new cars were imported by Nigerians in 2019 alone.

According to him, PAN Nigeria will introduce new vehicles that will serve the need of Nigerians at affordable cost as well as embarking on friendly payment modules.

“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.

“There will be a robust car financing scheme which will be a collaboration and partnership between dealers and banks.

“PAN Nigeria as the new number one auto assembly plant in Nigeria shall take the leadership role in engaging stakeholders such as the National Assembly, the Federal ministry of Trade, Industry and Investment (FMITI), Nigeria Automabile Design and Development Council (NADDC) Manufacturers Association of Nigeria (MAN) and the likes”, Wadada said.