Sequel to the takeover of Peugeot Automobile Nigeria (PAN) Limited, the new major investor in the company, Nesbitt Investment Nigeria Limited, recently announced its plans to provide liquid capital of $150 million over the next three years. According to Nesbitt, the fund is to “awaken this huge sleeping giant of immense economic potential.”
In his opening remarks on Monday 19 October, PAN Nigeria chairman, Hon Ahmed Wadada Aliyu, noted that the new investors were fortunate and humbled to be saddled with the task of repositioning the company. He expressed his gratitude to ANCOM for allowing him to move one of the leading automobile markers in the nation.
Aliyu noted that the company would channel the $150 million into upgrading and retooling the assembly line, supporting existing infrastructure, and working capital.
The PAN chairman further remarked, “We treasure our human capital and strongly believe in them to drive our visions and aspirations for PAN Nigeria. That is why we are immediately putting an attractive service condition that will retain and motivate our human capital. We also hope to attract the best hands to restore the company to its number one position in Nigeria and within the ECOWAS region.
“PAN under the supervision of the board shall undergo massive restructuring. And in doing so, we shall observe strict corporate governance, transparency, business integrity, efficiency, and ethics, in all our undertakings.
As the core investor, we strongly believe in the principle of responsible, responsive, and sustainable investments. At the same time, we add financial muscle and strength, and social value to the assets we embark on, always intending to change assets positively. We will not only be providing employment, but we shall also provide economic benefits throughout the supply chain and to local service providers (local content).”
Expressing his dissatisfaction with the over-reliance on used vehicles, Aliyu noted that in 2019, Nigeria imported over 400,000 used cars against 68,000 brand new cars. The new investors Nesbitt pledged to tackle this imbalance by producing more pocket-friendly brand-new cars.
“We will also be introducing a robust car financing scheme which will be a collaboration and partnership between our dealerships and a few selected banks. This will be in fulfilment of President Buhari’s wish for Nigerians to afford brand new vehicles,” Aliyu said.
The chairman of Nesbitt, in his remark, stated that: “PAN Nigeria will initiate conversations with the NADDC to enforce the assembly classification and equipment standardization.
“We will be appealing to the Central Bank of Nigeria to support us and all other genuine assembly plants. So that foreign exchange is made available for our imports.”