There are strong indications that one of the nation’s largest auto assembly plants, PAN Nigeria Limited (formerly Peugeot Automobile Nigeria Limited), has been sold to a new core investor at $55.3 million (N21 billion) by the Asset Management Corporation of Nigeria (AMCON).
The identity of the new owner was yet to be ascertained as the time of writing this report, but it was gathered that the representatives of the company were still putting finishing touches to the deal with AMCON and were expected to pay a visit to the plant in the Kakuri area of Kaduna, any time from this week ahead of a formal take-over.
When contacted last week, the Public Relations Officer of PAN, Oladeji Bamidele, would not confirm the development, because “AMCON has not communicated to PAN officially” even as he disclosed that he too had heard on the grapevine the news of the sale of the 45 year old plant…
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News Archive from before July 2018