New investor takes over Peugeot, to inject $150m

A new Investor, NESBITT Investment Nigeria Limited, has taken over Peugeot Automobile Nigeria (PAN), with an assurance to inject $150 million in the company in the next three years.

It said the fund would be invested in retooling and upgrading the automobile company’s assembly line, as well as support infrastructure and working capital.

Speaking at the ceremony in Kaduna, the new chairman, Ahmed Aliyu, assured that the firm would soon roll out new and affordable vehicles for Nigerians.

He lamented that in 2019 alone, Nigeria imported not less than 400,000 used cars (popularly known as Tokunbo), as against the 68,000 brand new ones that came in.

Against this backdrop, Aliyu said the company would re-launch brand affordability in the country to allow the citizens to buy brand new vehicles.

The chairman assured of a robust car-financing scheme to be run in partnership with dealers and selected banks.