By Providence Obuh
The Executive Vice Chairman of Multi Trex Integrated Foods Plc, Mr. Ayo Owofemi, has commended Skye Bank Plc for supporting indigenous Nigeria manufacturing companies which require huge capital outlay for their operations.
Owofemi gave the commendation at the weekend at Mowe during the commssioning of the company’s second cocoa processing factory by the President of the Federal Republic of Nigeria, Dr. Goodluck Jonathan.
According to him, the bank dared all odds to grant the company various credit lines which have assisted the firm to evolve into the cocoa processing giant t.The company is currently the biggest cocoa processing company in Nigeria.
According to the Multi Trex boss, Skye Bank identified with and bought into the vision of the company’s founding fathers very early in 1999 when other financial institutions were not ready to take the risk of supporting local industries.
He described the bank as one of the few that have contributed to the growth of indigenous businesses and urged other financial institutions to emulate the bank.
Speaking while commissioning the factory, President Jonathan commended the founders for believing in Nigeria by investing, saying the likes of Multi Trex would enable the country to achieve the objectives of Vision 2020.
The President noted that Nigeria needed many more of such manufacturing companies to increase national productivity and create employment opportunities for many Nigerians.
The second factory has a capacity to process over 50,000 tons of cocoa and has ultra modern facilities which are the latest in the industry. The first phase of the factory was constructed some 11 years ago also with the support of Skye Bank and had a processing capacity of 12,000 tons of cocoa beans.
Skye Bank has also supported various companies in various sectors of the economy. They include Beloxxi Industries Limted, the largest indigenous confectionery company in the country, Mobitel Telecommunications, Main One sub marine cable project, Capital Oil and gas Limited, among others.