Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, has commended PAN Nigeria, the Kaduna based assembler of Peugeot vehicles, for its improved performance under the current leadership.
The managing director made this remarks at the 6th Nigeria Transport Awards and Lecture held in Lagos recently. According to the managing director who was represented at the event by Mr. Kamilu Omokide, a Senior Vice President at AMCON, “PAN is one of the companies showing strength after the takeover by AMCON.”
Only recently, AMCON had called for an increase in the patronage of Peugeot vehicles in order to sustain the achievements recorded by the rescued PAN Nigeria Limited. Kuru, who made the call in Kaduna, implored Nigerians- individuals and corporate organizations to patronise Peugeot brand of vehicles.
PAN Nigeria Limited is one of the mega institutions that received the interventions of AMCON, which prevented the automobile company from going under. According to Kuru, “this is the best time for PAN Nigeria Limited to re-strategise and move 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. “We believe 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.
Besides, Peugeot creates thousands of jobs for our teaming population, which is the reason we all need to support the brand as our own,” he said. The Managing Director of PAN Nigeria Limited, Ibrahim Boyi, affirmed the company’s huge progress in 2017, despite the economic downturn, as revenue grew by 65 per cent from N3 billion to N5.3 billion.
“PAN’s market share was eight per cent, down from 12 per cent in 2016, while operating profit rose by 78 per cent to N719 million from N405 million,” he said. Currently, PAN Nigeria Limited distributes Peugeot models like the 301, 508, 3008, Partner etc. For two years running, the Peugeot 301 had clinched the Car of the Year award in Nigeria.