Nigeria’s ‘Bad Bank’, The Asset Management Company of Nigeria (AMCON), is close to selling Peugeot Automobile Nigeria (PAN) Ltd, a local car assembly joint venture, to Africa’s richest man, Aliko Dangote, and two Nigerian states.

PAN, a Nigerian vehicle assembly plant located in Kaduna State, has PSA Peugeot Citroen as its technical partner with a capacity to assemble 90,000 cars a year, according to its website.

AMCON’s CEO,” Ahmed Kuru, was reported by a foreign media to have disclosed on Friday “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

Dangote who is in alliance with the states of Kaduna and Kebbi and the Bank of Industry (BOI), made a bid to acquire a majority stake in PAN last year as AMCON seeks to sell off some of the assets it acquired in the wake of the banking crisis.

Dangote group has heavy investments in cement, oil, food and sugar, and is expanding into farming.

The automaker is worth over 15 billion Nigerian naira ($49 million) according to its last valuation, Kuru said, but declined to name the company Dangote and his partners are using to acquire the automaker.

AMCON, set up in 2010 to clean up the banking system following a $4 billion rescue of nine lenders that came close to collapse, took over PAN after buying up its debt and converting it to equity.