Multi-Trex Nigeria to get N5bn bailout from NEXIM bank

Multi-Trex Nigeria Plc is to receive a lifeline from Nigerian Export-Import Bank (NEXIM) to restore and boost the cocoa its operations.

The bank intends to give a financial lifeline of between N4 billion and N5 billion to the Ogun State-based company.

The Multi-Trex has, in the last two years, been under AMCON’s receivership over its indebtedness to financial institutions which AMCON bought over from the deposit money banks.

Last September, the corporation and Multi-Trex agreed to settle the matter.

NEXIM Managing Director, Abba Bello, announced the proposed bail-out package during the oversight visit to Multi-Trex Nigeria’s factory at Warapa, Ogun State by the House of Representatives Committee on Banking and Currency, led by the its Chairman, Jones Onyereri.

Bello explained that the fund will be sourced come the N500 billion Export Stimulation Facility (ESF) and N50 billion Export Development Fund (EDF) provided by the Central Bank of Nigeria (CBN) for exports.

“It is our determination to bring back Multi-Trex to life. This will create jobs and encourage export,” he said.

The NEXIM Bank boss said looking at the huge investment and factory’s equipment, the bank considered it very important to support the project which could create thousands of direct and indirect jobs.

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