In demonstration of its commitment towards supporting the agricultural sector, Skye Bank Plc signed a Memorandum of Understanding (MoU) with Multi-Trex Integrated Foods Plc that covers financial and advisory services.

The agreement was signed in Lagos during Multi-Trex's 10th anniversary ceremony where both institutions restated their readiness and determination to continue to do business together in order to work towards the economic development of the country.

Skye 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.

The 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.

Speaking at the MoU signing ceremony, SkyeBank's Executive Director, Investment Banking, Mr. Timothy Oguntayo, said the bank was committed to supporting companies that operate in the critical sectors of the economy like agriculture, manufacturing.

He said the bank would continue to ensure that it provides all the financial needs of Multi-Trex in line with its support for the current administration's Seven-Point agenda, especially food security and agriculture.

The Executive Vice Chairman of Multi-Trex, Mr. Dimeji Owofemi, who signed for his company, 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.

Owofemi said 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.

Multi-Trex commissioned its ultra-modern 50,000 metric tonnes cocoa processing plant last week, the largest of its kind on the continent.

Skye 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.