PAN: AMCON Reacts, Provides Insight On Peugeot Divestment

Asset Management Corporation of Nigeria (AMCON) has reacted to a statement credited to one Mr. Eric Maydiey, who is Peugeot Automobile France representative in Nigeria.

Maydiey had in a recent media interview claimed that the decision by Peugeot France to float a joint venture arrangement with Dangote Group to build a new Peugeot plant in Nigeria was because Dangote Group bided to buy PAN Nigeria Limited for 52m Euros from AMCON without success.

In a statement signed by Mr. Jude Nwauzor, AMCON’s Head, Corporate Communications, the Corporation said, “We want the public to know that in as much as we do not recognize Mr. Maydiey as the spokesperson for the Dangote Group, his claim that AMCON has a 52m Euros bid before it from the Dangote Group is not factual, remains a bare-faced lies, which is orchestrated therefore to mislead both the general public and stakeholders.

“As an institution that was set up by the Federal Government of Nigeria to stabilize the financial sector thereby helping to support and help revitalize ailing industries in the country, we note with sadness that after being in Nigeria for over 40 years, a senior representative of Peugeot Automobile France is still talking about building a Complete Knock-Down (CKD) and Semi-Knock Down (SKD) as if that is all Nigeria is good for.

We believe that the Nigerian economy is big enough for a full-fledged car manufacturing plants that would make it possible for Nigerians to drive brand-new and affordable cars that are fully manufactured in Nigeria. Let Mr. Maydiey explain Peugeot France’s over 40 years stewardship, which they now claim they finally want to replicate through a new investor without any indication for value addition, rather than creating a dumping ground and frustrating local content.”

Having said that, AMCON stated that it is also in the forefront of attracting investors both foreign and local into the country because we know what that can do to a growing economy like ours. As a Corporation, we have a variety of assets for sale and investor consideration in different sectors; from automobile to oil and gas; real estate to manufacturing, maritime and aviation amongst others. Nigeria is a big market and we encourage all genuine and long-term investors to come into Nigeria. If another automobile plants berths in Kaduna State, we are sure the state would be better off for it because more jobs will be created and the economy of the state will be buoyed the more in the long run.

However, AMCON’s divestment in PAN remains an ongoing process, which would be made public when the process is completed and no amount of manipulation will derail the good intentions of AMCON in delivering on its recovery mandate. We therefore want the public to ignore the false alarm and misleading comments from the so-called representative of Peugeot Automobile of France in Nigeria regarding our on-going divestment plan for PAN Nigeria Limited, Kaduna.

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