NEXIM Recommits To Cocoa Plant’s Revival

The Nigeria Export-Import Bank (NEXIM) says it will continue to give necessary support and assistance to the revival of Multi-Trex, a cocoa processing plant in the country.
Its Managing Director, Mr Abba Bello made the promise during a facility tour by the management of the bank and members of House of Representative Committee on Banking and Currency to Multi-Trex Integrated Foods in Ogun.
Bello said that NEXIM had in the past supported the cocoa value chain by funding major cocoa processing plants and, therefore, would continue to collaborate with other stakeholders for the development of the cocoa industry.
The Tide source reports that Multi-Trex factory has remained closed since Friday, June 26, 2015 due to an Interim Order of the Federal High Court.
The Asset Management Corporation of Nigeria (AMCON) claimed that the company had a debt of N13.3 billion being the contested sum of N8.5 billion Eligible Bank Asset (EBA) bought from Skye Bank.
The figure also include AMCON’s own interest calculated for the period that the company had been prohibited by Central Bank of Nigeria (CBN) from accessing working capital for its operations.
Bello advised entrepreneurs in cocoa processing value chain to take advantage of the CBN’s N500 billion incentives at single digit interest rate.
He said that the bank, as part of its mandate, was committed to promoting export-oriented investments in the non-oil sector of the economy.
Bello added that the bank would help Multi-Trex with its loan process application, but this would be after the company had settled its loan repayment to AMCON.