New investors take over PAN, to inject $150m

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A new Investor, NESBITT Investment Nigeria, has taken over Peugeot Automobile Nigeria (PAN), with assurance to inject $150 million into the company in three years in retooling and upgrading the assembly line, working capital and infrastructure support.
Speaking during the handing and taking over ceremony at the PAN Assembly in Kaduna on Monday, the new Chairman, Hon. Ahmed Wadada Aliyu, assured that, the company will soon be rolling cheap and affordable brand new vehicles for Nigerians. 

Aliyu lamented that, in 2019 alone, Nigeria imported 400,000 used cars, otherwise known as Tokunbo, as against 68,000 brand new vehicles imported.
Against this background, Aliyu said, PAN Nigeria would be introducing new brands of vehicles into the market to re-launch brand affordability in Nigeria and ensure that Nigerians have unbridled access to brand new vehicles.

According to him, “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 all of our undertakings.
“In 2019, Nigeria imported at least 400,000 used cars (Tokunbo) 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.”

Hon. Aliyu assured of introduction of a robust car financing scheme which will be a collaboration and partnership between their dealerships and a few selected 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 (FMTII), Nigeria Automobile Design and Development Council (NADDC) Manufacturers Association of Nigeria (MAN) and the likes,” he said.

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