Car maker Peugeot Nigeria could see its fortunes strengthened after Africa’s richest man Aliko Dangote and two other Nigerian states acquire its 49-million-U.S.-dollar assembly plant in the northwestern Nigerian state of Kaduna.
The Asset Management Company of Nigeria, the current owner of the plant, said it concluded bidding processes and was awaiting approval on the deal from the Central Bank of Nigeria.
AMCON took over the Peugeot plant after buying up its debt and converting it to equity.
AMCON’S spokesperson, Jude Nwauzor said the selling of the plant to new investors in order to save the 42-year-old company from bankruptcy.
The plant can assemble 90,000 cars per year, but has been struggling to produce only six cars per day.