NEXIM Bank to boost Multi-Trex with N5bn
NEXIM Bank planned to pump in N5bn to revive Multi-Trex Integrated Foods Plc.
Speaking during during a facility tour to the firm by members of the House of Representatives Committee on Banking and Currency, the Managing Director, NEXIM Bank, Mr. Abba Bello, said the lender was looking at intervening to bring the cocoa production company back to life.
Multi-Trex, which was said to have employed over 300 workers, has reportedly gone out of production.
Bello said, “We are working on the Export Stimulation Fund so as to bring them back to life. The process is already on; right now we are ready to start the process of the application, all we are waiting for right now is the terms of settlement – the resolution between the company and the Asset Management Corporation of Nigeria; and once that is done, we will go ahead.
“AMCON needs to release them to enable them borrow, and once the approval has been given then we are good to go. This is one of the best projects we have supported under the ESF, because the equipment are there and only the working capital is needed to kick start it.
The Chairman, House Committee on Banking and Currency, Jones Onyereri, said there was a need to support the private sector to grow, create jobs and enhance economic growth.
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