This
was made known on Friday 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,” he said.
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. According to him, the challenge facing Multi-Trex is beyond it
and there is therefore the need to support it.
Onyereri
said, “We must encourage the private sector because,
this is the only way we can grow the economy; and if we don’t grow the real
sector of the economy then we are joking. We need to put some measures in place
to bring down the interest rate and encourage the private sector. We are pushing it as a parliament and we will
keep pushing.”
The
Vice-Chairman and Chief Executive Officer, Multi-Trex, Mr. Oladimeji Owofemi, said the company was waiting for the Central
Bank of Nigeria and AMCON’s approval to proceed on the intervention by NEXIM
Bank.
In his
own words: “The only issue we have here is just the
working capital which is in the region of N4bn to N5bn. It sounds big but a
tonne of cocoa last season got as high as N1m. That can only buy 5,000 tonnes;
and this factory can process 65,000 tonnes for full capacity. So, is that not
much money? NEXIM Bank is looking at our request; and so also the Bank of
Agriculture as well as the Bank of Industry. (Punch)
Have you heard this? Many Nigerian exporters have been
defrauded of huge amount of money in the process of exporting commodities to
foreign countries. Do you know why? They were not trained on export operations,
management, documentations and the best methods of payment in export trade.
This is terrible!!! Nigerians cannot continue to lose money to foreigners in
the course of export business. Exporters, why don’t you get a practical manual
that teaches the stages of export trade from processing and packaging of commodities
to receipt of payment by the foreign buyers. It teaches export operations,
export management, export documentations and methods of payment in export
trade? It is a contemporary step-by-step guide to export trade. It tells all
the contemporary dynamics in export trade. To get it, click on the link below:
Hmmm!!! Folks, have you ever
imagined how the financial status of your firm will be when more than 20,000
CEOs and other key decision makers of blue-chip corporations pay for your
products and services or even give you very juicy deals. The link below will
tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html
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