Africa’s Richest Man, Dangote Ventures Into Automobiles

Africa’s richest man, Aliko Dangote has partnered Stellantis Group, the parent company of Peugeot, the Kano and Kaduna state government in the assemblage of vehicles in Nigeria.

The new automobile company, Dangote Peugeot Automobiles Nigeria Limited (DPAN) factory which is based in Kaduna commenced operations with the roll-out of Peugeot 301, Peugeot 5008, 3008, 508 and Land Trek.

DPAN, in a statement, noted that the company has a capacity to assemble 120 cars in a day, running two shifts.

“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. 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 in excess of 100,000 units per year and growing”, the company’s Managing Director, Ibrahim  Issa  Gachi noted.

As an entrepreneur, Aliko Dangote has ventured into an array of investments and businesses, ranging from agricultural products to cement, transportation, oil and gas, construction, among others. The Dangote Group is a conglomerate of companies managed by him.

Investors King had reported that his new refinery is currently under construction at the Lekki Free Zone in Lagos and is set to commence operations in the third quarter of 2022. The refinery is expected to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

Recently, his net worth hit $13.9 billion, a record higher than last year’s record of $12.1 billion. This is largely due to a 30% increase in the stock price of Dangote Cement, his most valuable asset. Even though he came from a wealthy family, he told Bloomberg in an interview, that he built the Dangote Group empire from scratch without inheriting any money from his father, who was one of the wealthiest Nigerians before his demise.