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Other | 2015-05-24
Nigerian Senate seek ways to better PAN

T

he Management of PAN Nigeria Limited has been advised to explore the prospect of assembling other brands of vehicle apart from Peugeot in the face of stiffer competitive environment. This call was made during the oversight visit of the Senate Committee on Privatization recently to PAN.

Speaking during the visit, the Chairman of the Committee, Senator Olugbenga Obadara, informed the management of the company 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.


MD PAN showcasing PAN product to RTEAN President
ED Finance, Alh. Alli presenting PAN souvenir to Sen. Obadara (R)

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