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Dangote may buy near moribund Peugeot assembly plant from AMCON sooner
AMCON’s Chief Executive, Ahmed Kuru, has hinted the chances of of leading industrialist, Aliko Dangote to buy up near moribund Peugeot Assembly Plant, Kaduna in partnership with Kaduna and Kebbi States. Bank of Industry (BoI) is also in the picture of new possible investors.
This means that the quartet mat soon become new core investors that will revive the plant and effectively internalise the new auto policy that has discouraged vehicle import via the land border to grow local content.
He revealed weekend that processes on the bids were completed about two months ago and all that is left is the approval of the Central Bank of Nigeria (CBN).
Business Hilights recalls that Dangote had made such 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 annually.