By Michael Eboh
Skye Bank Plc hasÂ signed a Memorandum of Understanding (MOU) with Multi-Trex Integrated Foods Plc designed to promote food sufficiency in the country through the development of the agricultural sector.
According to a statement by the bank, the MOU which was signed in Lagos, last week in commemoration of Multi-Trexâ€™s 20th anniversary is to cover provision of financial advisory services to Multi-Trex with the aim of boosting agricultural production.
Speaking at the signing ceremony, Mr. Timothy Oguntayo,Â General Manager and Head, Structured Finance, Skye Bank, noted that the agreement is an indication of the readiness of both institutions to do business together and work towards the development of the countryâ€™s economy.
He said, â€œSkye Bank has been the key financier of Multi-Trex from its early days, up to the time of the first installation of its 10,000 metric tonnes plant to the installation of the new 50,000 metric tonnes plant which makes the company the largest cocoa processing plant in Africa.
â€œThe partnership has seen Skye Bank providing various banking facilities to Multi-Trex by way of term loans, overdrafts, guarantees, letters of credit and equity through its subsidiary, Skye Financial Services Limited.â€
He reiterated the commitment of the bank towards supporting companies that operate in the critical sectors of the economy like agriculture, manufacturing, noting that the bank would continue to ensure that it provides all the financial needs of Multi-Trex in line with its support for the current administrationâ€™s Seven-Point agenda, especially in the area of food security and agriculture.
Oguntayo noted that the bank has been supporting agricultural and agro allied companies by way of funding, to revive the sector which has suffered neglect with the discovery of oil some years back.
Mr. Dimeji Owofemi, Executive Vice Chairman, Multi-Trex, who also represented the company at the signing ceremony, acknowledged the immense support of Skye Bank and the Nigeria Export Import Bank in the success that his company has recorded in the last 10 years.
He disclosed that the company started with 10,000 metric tonnes before the current additional 50,000 metric tones which has brought its total production capacity to 65,000 metric tonnes.
He noted that the company commissioned its ultra-modern 50,000 metric tonnes cocoa processing plant last week, the largest of its kind on the continent.