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AMCON solicits patronage for rescued PAN Nigeria

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Managing Director, AMCON, Ahmed Kuru


To sustain the successes recorded by the rescued PAN Nigeria Limited and assessed local content in its operations, the Asset Management Corporation of Nigeria (AMCON) has called for collective patronage of its range automobiles.

The “bad bank” reiterated the call on the back of good record in 2017, which achievement it said should be in 2018 for sustainability purposes.The Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, who made the call, implored Nigerians- individuals and corporate organizations to patronise Peugeot brand of cars.

PAN Nigeria Limited is one of the mega institutions that received the interventions of AMCON, which prevented the automobile company from going under.Represented by the agency’s Head of Subsidiaries, Ben Daminabo, at the 2018 Dealers Convention organised by PAN Nigeria, Kuru said the car company achieved a lot of mileage in 2017 against all economic odds and required commendations from all stakeholders.

“This is the best time for PAN Nigeria Limited to restrategise and move ahead like all other automobile manufacturers across the globe.It is our wish that Peugeot will reclaim its pride of place in Nigeria by producing those vehicles that made the brand very popular in those days. We believe the brand has all it takes to dominate the marketplace because the new generation of Peugeot cars are fuel efficient, durable, rugged and built for Nigerian roads. “Besides, Peugeot creates thousands of jobs for our teaming population, which is the reason we all need to support the brand as our own,” he said.

According to him, the fact that PAN is still in business is another demonstration of the positive impact and contribution of AMCON towards stabilising the nation’s economy, as one of its core mandates.

The Managing Director of PAN Nigeria Limited, assemblers of Peugeot brand of vehicles in Nigeria, Ibrahim Boyi, affirmed the company’s huge progress in 2017, despite the economic downturn, as revenue grew by 65 per cent from N3 billion to N5.3 billion.

“PAN’s market share was eight per cent, down from 12 per cent in 2016, while operating profit rose by 78 per cent to N719 million from N405 million,” he said. Boyi attributed the successes to dealers and staff’s commitment to the brand and the efforts in delivering the Peugeot promise to their customers.He stated that it was that level of commitment that enabled the company to recover some key customers like the Central Bank of Nigeria and Federal Inland Revenue Service (FIRS), among others, while it acquired new customers- First Bank of Nigeria and Reckitt, among others.


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Ahmed KuruAMCON
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