AMCON says nearing sale of Peugeot car assembly plant of $49m worth to Dangote

Date:

LAGOS May 26  – The Asset Management Company of Nigeria (AMCON), the country’s ‘bad bank’ set up following the banking crisis, is close to selling Peugeot Automobile Nigeria (PAN) Ltd, a local car assembly joint venture, to Africa’s richest man, Aliko Dangote, and two Nigerian states.

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“We have concluded all processes on the bids since about two months ago, all we are waiting for (now) is the approval of the central bank,” Ahmed Kuru, AMCON’s chief executive, told our correspondents on Friday.

PAN, a Nigerian vehicle assembly plant located in Kaduna state, has PSA Peugeot Citroen as its technical partner with a capacity to assemble 90,000 cars a year, according to its website.

Dangote, in alliance with the states of Kaduna and Kebbi and the Bank of Industry (BOI) development bank made a bid to acquire a majority stake in PAN last year as AMCON seeks to sell off some of the assets it acquired in the wake of the banking crisis.

Dangote’s eponymous group of companies is active in cement, oil, food and sugar, and is expanding into farming.

The automaker is worth over 15 billion Nigerian naira ($49 million) according to its last valuation, Kuru said, but declined to name the company Dangote and his partners are using to acquire the automaker.

AMCON, set up in 2010 to clean up the banking system following a $4 billion rescue of nine lenders that came close to collapse, took over PAN after buying up its debt and converting it to equity.

 

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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