Billionaire businessman, Kaduna State, others to acquire Peugeot plant

folarin okunola

March 7, 2016 10:59 AM

The Kaduna State governor said a proposal to acquire the majority shares of the company had already been submitted to the Assets Management Company of Nigeria (AMCON).

Aliko Dangote, the Chairman of Dangote Industries Limited

Media reports reveal that Governor Nasir El-Rufa’i of Kaduna State, on Friday, said that the state government, along with Bank of Industry, business tycoon Aliko Dangote and some states will acquire Peugeot Automobile Nigeria Ltd (PAN).

El-Rufa’i made the statement during the state’s special day at the ongoing 37th Kaduna International Trade Fair, naming the other states as Katsina, Kebbi and Jigawa.

The Kaduna State governor said a proposal to acquire the majority shares of the company had already been submitted to the Assets Management Company of Nigeria (AMCON).

El-Rufa'i said the step is part of efforts to revive ailing industries in the state with the aim to provide employment opportunities unemployed youths in the region and Kaduna State in particular.

He said that PAN had gone down from assembling 90,000 cars per annum to merely 200 a year.

“Our hope is that when we acquire the majority share of the company, we will restructure it to operate to full capacity of assembling between 90,000 and 100,000 cars yearly.

“We have the support of PAN as well as the government of France in this drive.

“We are determined to bring back all industries related to Peugeot established in Kaduna as part of plans to ensure that every youth in Kaduna State has something doing,” he said.

El-Rufa'i added saying his administration had created more than 120,000 jobs in nine months, “but it is not enough; we have to work harder considering the number of unemployed youths in the state.”

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