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AMCON to Sell Peugeot Plant to Dangote, 2 States

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AMCON to Sell Peugeot Plant to Dangote, 2 States

AMCON to Sell Peugeot Plant to Dangote, 2 States

By Modupe Gbadeyanka

Talks are ongoing on the sale of the car assembly plant of Peugeot Automobile Nigeria (PAN) Ltd to billionaire businessman, Mr Aliko Dangote, and two states.

The sale of the car assembly firm is being carried out by the Asset Management Company of Nigeria (AMCON), an agency set up by the Federal Government in 2010 to acquire companies in Nigeria undergoing financial crisis before reselling them.

On Friday, the Chief Executive Officer of AMCOM, Mr Ahmed Kuru, informed Reuters that, “We have concluded all processes on the bids since about two months ago, all we are waiting for (now) is the approval of the Central Bank of Nigeria (CBN).”

It was gathered that Mr Dangote made a bid to acquire the car plant alongside Kaduna and Kebbi States and control majority stakes in PAN.

PAN Ltd was acquired by AMCON during the banking crisis, by buying up its debt and converted it to equity. But now, AMCON wants to sell off the auto firm, located in Kaduna State and has PSA Peugeot Citroen as its technical partner with a capacity to assemble 90,000 cars a year.

The company is said to worth over $49 million according to its last valuation.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Passengers Stranded as Abuja-Kaduna Train Derails

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Abuja-Kaduna train

By Modupe Gbadeyanka

Passengers on the Abuja-Kaduna train were stranded on Friday in the Kubwa area of Abuja when the train conveying them derailed.

According to reports, the incident happened a few distances to its destination at about 3:20 pm and left the passengers frustrated.

Today’s derailment occurred barely a week after 300 stranded passengers on the Warri-Itakpe train missed its track in Kogi State.

In the latest incident, there were no reports of casualties, though the exact reason for the derailment is still sketchy.

The Nigerian Railway Corporation (NRC), which manages rail transportation in the country, was yet to give an update on the situation.

The administration of President Muhammadu Buhari revamped the rail system in the country. Loans were taken from China to build rail tracks to ease the movement of people from one point to another.

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Airtel Supports Police for Safety of Lagos Road Users

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safety of Lagos road users traffic booths

By Modupe Gbadeyanka

As part of its commitment to support the activities of the police in ensuring the coordination and safety of Lagos road users, Airtel Nigeria has donated some traffic booths.

According to the Commissioner of Police for the Lagos Police Command, Mr Abiodun Alabi, the booths will be placed in strategic locations across the state to serve as an inspiration to other organisations to support the police in the discharging of their duties.

At a brief ceremony to hand over the items at the Lagos State Police headquarters, Ikeja, on Thursday, January 19, 2023, Mr Alabi thanked the telecommunications service provider for the gesture, recounting previous support over the years.

Some of which included the donation of phones to all police commissions in Lagos, donation of patrol vehicles, renovation of Zone 2 Command, renovation of Lekki Phase 1 Police post and the provision of CCTV cameras, etc.

“On behalf of the Inspector General of Police, Mr Alkali Baba Usman, and the Lagos State Police Command, I would like to thank Airtel for their support to the Nigeria Police over the years and for this particular donation of traffic booths for our traffic officers through its corporate social responsibility.

“Not everyone or every organisation appreciates what the police does for society; therefore, we are pleased to see that Airtel recognizes and supports our effort to carry out our duties optimally,” he said.

Also speaking, the Director of Corporate Communications at Airtel Nigeria, Mr Femi Adeniran, said, “Over the years, Airtel Nigeria has worked closely with the Lagos Police Command, and we have collaborated on several initiatives with a positive impact towards making Lagos a safer and more secured State to live in and do business.

“We are firm in our resolve to drive the vision of Airtel Africa towards sustainability consistently, and we consistently work to demonstrate this in our deeds through our CSR interventions.

“We are always glad to support the police force in the great work they do daily because we understand that once there is security, people can live and make ends meet without fear, and that is the only way we can say that we have a good society.”

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Traffic Gridlock: Lagos Directs Petrol Stations to Close by 4pm

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Petrol stations traffic lagos

By Modupe Gbadeyanka

Petrol stations located along the major roads in Lagos will now operate from 9 am to 4 pm daily, the Lagos State government has directed.

A statement signed by the Commissioner for Transportation, Mr Frederic Oladeinde, explained that the move was to curtail the traffic gridlock witnessed around such fuelling stations in the metropolis.

The incessant scarcity of premium motor spirit (PMS), otherwise known as petrol, in the city and other parts of Nigeria has caused vehicles to queue for the product, causing a clog in vehicular movement.

Most of the queues are seen around petrol stations belonging to major oil marketers because of their pump price. At the moment, most of them sell at the official price of N169 per litre, while other fuelling stations sell between N240 per litre and N260 per litre.

The quest to buy cheaper fuel has forced most motorists to queue for many hours at stations selling the official pump price.

To address traffic caused by the queues and ensure the free flow of vehicular movement in the metropolis, the state government has moved to “regulate the activities of major and independent petroleum marketers operating along major roads and traffic-prone areas within the state,” according to the statement.

Mr Oladeinde said the state government was not happy with the “indiscriminate activities of motorists queuing to buy petroleum products and often impeding the free flow of traffic on some roads.”

He said the government has now decided to ensure that, “petroleum marketers whose filling stations are situated on major highways and areas susceptible to traffic will henceforth be allowed to operate only between the hours of 9 am to 4 pm daily, pending when the fuel shortage crisis subsides.”

The Commissioner added that the Lagos State Traffic Management Authority (LASTMA), Vehicle Inspection Service (VIS), Transport Operations Compliance Unit (TOCU) and other law enforcement agencies have been charged to ensure a seamless flow of traffic across the State.

Mr Oladeinde urged “all major and independent petroleum marketers operating across the state to comply with the directive to avoid sanctions.”

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