Dangote Peugeot Automobiles Nigeria Limited (DPAN), a Nigerian automaker owned to some extent by the Dangote Group, has started the assembling of Peugeot vehicles at its recently built Green Field Assembly Plant in Nigeria’s northwestern locale.
This comes almost four years after Dangote Group got endorsement from the Nigerian regulator after already communicating interest in the former Peugeot plant, presently known as PAN Nigeria Ltd.
Dangote Group is Africa’s most expanded manufacturer, which is led by Africa’s richest man, Aliko Dangote. He founded the conglomerate in 1981, and his wealth is valued at $19.5 billion, according to Bloomberg.
The delivery of the first 301 DPAN vehicles and the beginning up of the new plant mark a turning point in Nigeria’s car industry, as the organization has the ability to collect 120 vehicles each day across two movements.
DPAN is owned by Dangote, the legislatures of Kaduna and Kebbi, and Stellantis Group, the parent organization of Peugeot. Stellantis Group is a multinational auto producing enterprise formed in 2021 by the consolidation of Fiat Chrysler Automobiles and the French PSA Group.
The automaker disclosed that much is being done to guarantee the perceivability of the Peugeot brand and the accessibility of extra parts to the overall population in Nigeria. It additionally expressed that to satisfy the different needs of the Nigerian auto market, it intends to extend its model lines.
Vehicles to be introduced on the neighborhood market between now and 2023 incorporate the Land Trek, 3008, 5008 and the new 508, which are relied upon to interest the more youthful age with their exceptional style, rich mechanical gift and security highlights.
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A little more than seven days ago, the very rich Dangote announced that he will also start his petroleum refining business and processing operations before the end of Q3 2022.
The refinery’s pipeline infrastructure is billed as the largest in the world, with a processing capacity of 540,000 barrels per day in the first phase of operation, increasing to 650,000 barrels per day later.
Dangote Cement, his flagship company, recently completed the second tranche of its share buyback program, acquiring a 0.74-percent stake for N35.1 billion ($84.5 million).
Experts believe the share buyback program is a deliberate attempt by the board to increase the intrinsic value of the cement company, which aligns with the next phase of its expansion plans.
Source: billionaires.africa
