Nigeria's AMCON seeks partonage for locally assembled Peugeot

Nigeria's 'bad bank'Asset Management Corporation of Nigeria (AMCON) has made a case for increase patronage of locally assembled Peugeot vehicles produced by PAN Nigeria Limited to enable the company expands its operations.
head of AMCON, Ahmed Kuru said local patronage of the company's products will enable it to sustain the tempo of the achievement started last year.
Kuru was represented at Dealers Convention organized by the automobile company in Kaduna by Ben Daminabo, Head of Subsidiaries at AMCOM.
He implored Nigerians both individuals and corporate to patronise Peugeot brand of cars.
According to Kuru, PAN achieved a lot of mileage in 2017 against all economic odds, which he stated required commendations from all stakeholders, which is why AMCON and indeed all stakeholders want them to sustain and even improve upon in the new financial year.
AMCON took over majority shares in PAN Nigeria Limited following the inability of the company core investors to liquidate its indebtedness to commercial banks.
African richest man, Aliko Dangote, and Kaduna State government had submitted bids to acquire the majority stake in the automobile firm, but the bid is yet to receive approval of the regulatory authority.
“This is the best time for PAN Nigeria Limited to re-strategise and moves 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,"" Kuru said.
He said 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. Aside from these attributes, Peugeot creates thousands of jobs for our teeming population, which is why we all need to support the brand because it is our own.”
"The fact that PAN is still in business is another demonstration of the positive impact and contribution of AMCON towards stabilize the Nigerian economy, which is one of its core mandates," Kuru noted.
The company revenue grew by 65 percent from 3 billion naira to 5.3 billion naira at the end of last financial year, while operating profit rose 78 percent o 719 million naira from 405 million naira.