[dropcap]A[/dropcap]s a way of surviving a stiff competition being experienced in the Nigeria’s automobile industry, following the new automobile policy, Peugeot Automobile Nigeria has been advised to utilize its manufacturing plant for assembling of other brands other than Peugeot. The advice was given by members of the Senate Committee on Privatization, during an oversight visit paid to the PAN recently.
Speaking during the visit, the Chairman of the Committee, Senator Olugbenga Obadara, informed PAN’s management that the visit was part of the Committee’s Legislative mandate to ‘touch the base’ with Government privatized investments with the idea of monitoring their performance in post privatization period, in line with the agreement signed by the investors during the takeover.
Senator Obadara added that his team is quite knowledgeable with the challenges in PAN, citing his encounter with the top executive management of the company during the Senate Committee on Investment’s hearing last year, which he is a member.
Receiving the delegation, the Executive Director Finance, Alhaji Jumat Alli Oluwafuyi, informed the Senators that in spite of the prior challenges faced by the company such as fall in revenue earnings and high overhead cost, the new
management of the company constituted by AMCON, has been able to reduce the excessive losses made by the company in the balance sheet. He added that serious measures geared towards increase revenue earnings and cost reduction in the company are been pursued by the management.
During the visit, the Senators were taken through a power point presentation by the General Manager, Planning & Strategy, Mr. Bawo Omagbitse, where he analytically took them through the company’s state in pre and post privatization phases.