The Asset Management Company of Nigeria (AMCON), is on the verge of selling landmark car assembly company, Peugeot Automobile Nigeria (PAN) Ltd, to billionaire entrepreneur Aliko Dangote.

The 105 richest man in the world, Dangote will be joined by two Nigerian states in buying the moribund local assembly firm.

“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,” Kuru said.

Dangote, alongside the northwestern states of Kaduna and Kebbi, had already made a bid to acquire a majority stake in PAN last year in the wake of the banking crisis.

PAN, located in Kaduna state, has PSA Peugeot Citroen as its technical partner with a capacity to assemble 90,000 cars a year, but has suffered gross neglect over the past decade.

AMCON, set up in 2010 to clean up the banking system, took over PAN after buying up its debt and converting it to equity.

At its last valuation, Nigeria’s foremost automaker is said to be worth over 15 billion Nigerian naira ($49 million).