To each entity involved in an ecosystem lies the responsibility to the market, the economy and the Nigerian financial system to connect its reason for being with the overall good. 

What started as a simple inquiry into the performance of export related entities on the bourse and the incidence of non-submission of results turned into a five-month investigation and information gathering, the conclusion of which led us into the realities of entrepreneurship , impact of government policies and the role of financial services institutions in Nigeria. 
 
What immediately stood out as we embarked on this exercise was the undeniable trail of “institutional failures” that laid the foundation for the shut-down of an otherwise viable entity and the wrongful tagging of an otherwise quality management that can hold its own within the “Trade Finance” community as inept.
 
The questions, concerns and inquisition were many. So what went wrong? Who was culpable? How could a company that raised so much money, had an ultra-modern firm launched by the President, State Governor and Bank executives get to a stage of stagnation? What happens to investors now?
 
The more we searched for answers, the more we saw how a series of policy changes, administrative inertia and indifference frustrated a well-intentioned entrepreneurial endeavour, a situation not helped by the regulatory framework that allowed the transfer of a performing loan to AMCON where new financial rules ensured it had no access to working capital legitimately. 

Yet, for a country with a compelling need to develop and grow an export-based economy as a matter of survival, the rules of the game today (often changed mid-way) ensures that more losers emerge than winners; ceteris paribus.
 
This Multi-Trex case therefore offers much more than a story about the collapse of a company – it is the ultimate poster sign of all that was wrong with our financial markets, regulatory environment (lack of nexus between fiscal and monetary policies driving economic goals) and harnessing of resources to build a non-oil economy for Nigeria.
 
More importantly, it is a missed opportunity for AMCON, which is not sustainable, and it is hoped that by highlighting the issue we as a market/nation can start the process of a resolution. It is never too late to show creativity, initiative and equity in problem solving.
 
Background
That Multi-Trex Integrated Foods Plc (“Multi-Trex” or “the company”), the flagship of the Nigerian cocoa-processing sub-sector is today closed for business is unimaginable, with about 200 persons rendered unemployed and the modern processing plant and equipments exposed to vandalisation and disuse.
 
AMCON has moved in and sealed the company, obtaining a court order from the Federal High Court in Abeokuta whilst an earlier case instituted by the same Law Firm working for AMCON against the same company is still pending in a Federal High Court in Lagos. Facts show that the Lagos case is adjourned till October 8, 2015 while the Abeokuta one is adjourned till October 21, 2015; in a judicial system that considers the Federal High Court System as operating a single jurisdiction.
 
The market may not have been informed of these developments and of the potential implications for investors; though the NSE has consistently listed Multi-Trex in its X-compliance reports for non-submission of financial results – an early warning signal$m

MORE @ http://www.proshareng.com/news/All/How-Banks-Govt-Policies-Kill-Manufacturing-in-Nigeria-Proshare/28330.