Home Uncategorized Dangote Bids for Peugeot Automobile Nigeria’s Stake

Dangote Bids for Peugeot Automobile Nigeria’s Stake

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Aliko Dangote, Africa’s richest man and president, Dangote Group, has teamed up with Kaduna and Kebbi states to bid for a majority stake in Peugeot Automobile Nigeria (PAN) Limited, a local joint venture with the French automaker, Kaduna State Governor Nasir el-Rufai said on Thursday.

El-Rufai said the states along with development lender, Bank of Industry (BoI), and Dangote had submitted bids for the stake which Asset Management Corporation of Nigeria (AMCON) is looking to sell.

PAN, the Nigerian assembly plant located in Kaduna State, has Peugeot Citroen as its technical partner with a capacity to assemble 240 cars a day, PAN said on its website.

“We have submitted bids for the carmaker … with Aliko Dangote on board together with BoI, Kebbi and Kaduna states, we are confident our bid will sail through,” El-Rufai told a conference.

El-Rufai did not provide further details. Bids for AMCON’s stake closed on January 26.

The billionaire tycoon’s Dangote Group is active in cement, oil, food and sugar business, and is also expanding into farming.

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