Yemisi Izuora With Agency Report
The Asset Management Company of Nigeria (AMCON) has disclosed that it is close to selling Peugeot Automobile Nigeria (PAN) Limited to the Dangote Group and two northern states.
The Chief Executive of AMCON, Ahmed Kuru, told Reuters that all processes on the bids were completed about two months ago.
He said all that is left is the approval of the Central Bank of Nigeria (CBN).
Dangote, Africa’s richest man, in alliance with the Kaduna and Kebbi states as well as the Bank of Industry, made a bid to acquire a majority stake in PAN last year after AMCON moved to sell off some of the assets it acquired in the wake of the banking crisis.
The automaker is worth over N15 billion. Peugeot Automobile, 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.