Africa’s richest man Aliko Dangote has started assembling vehicles in Nigeria under the brand name Dangote Peugeot Automobiles Nigeria Limited (DPAN). Business Insider reports that the assembling of the vehicles will begin with the Land Trek, 3008, 5008 and the new 508.
Nairametrics reports that DPAN is jointly owned by Stellantis Group, the parent company of Peugeot, the Kano and Kaduna state government and Dangote through one of his subsidiaries Dangote Industries Limited.
The vehicles are being assembled at the new Greenfield Ultima Assembly Plant which is located in the northwestern region of Nigeria, Nairametrics further reported. The assembly plant will reportedly assemble 120 vehicles in a day running two shifts.
The assembling of the vehicles comes almost four years after the Dangote Group received approval from the Nigerian regulator.
“With the New Green Field Ultima Assembly Plant, a lot is being done by DPAN to ensure visibility of the Peugeot brand and availability of spare parts to the network and the generality of Nigerians,” management of DPAN said.
“DPAN will be encouraged by our technical partner to reposition the brand in the short, medium, and long term as we ensure customer satisfaction and sustainability.
“This dream has started with the re-launch of the Peugeot brand in Nigeria as well as the local assembly of the 301 at our new Kaduna plant and thereafter the introduction of the Landtrek, 3008, 5008 and the new 508…Nothing is being spared to enable market recapture, hence all hands are on deck to ensure not just survival but also continued growth in a market with potential for cars above 100,000 units per year and growing,” it added.
Dangote, who is also the world’s richest Black man, saw his wealth grow by $1.3 billion in January, putting his fortune at $20.4 billion, nearly the GDP of Senegal ($24.9 billion). The growth came on the back of a surge in the share prices of his cement company. Dangote Cement contributes to nearly half of the entrepreneur’s net worth. Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa, according to Forbes.