Ellah Lakes Launches N235 Billion Equity Drive to Fuel Agro-Industrial Expansion
In a bold move signaling ambitious growth plans, Ellah Lakes Plc has unveiled a N235 billion equity offering, positioning the pioneering Nigerian agribusiness for its next phase of strategic expansion. The capital raise follows a comprehensive “Facts Behind the Offer” presentation at the Nigerian Exchange Limited (NGX), marking a significant milestone for the indigenous agro-industrial company.
Strategic Capital Deployment
The company plans to issue 18.8 billion ordinary shares at N12.50 per share, with the application period running from November 10 to December 5, 2025. Rand Merchant Bank (RMB) has been appointed as the Lead Issuing House for this substantial equity expansion, which represents one of the most significant capital raises in Nigeria’s agricultural sector in recent years.
Chief Executive Officer Chuka Mordi emphasized the transformative nature of the offering, stating, “This isn’t merely about raising capital—it’s about unlocking the next chapter of our growth narrative. At N12.50 per share, this offering reflects the intrinsic value of our scaled, integrated platform. We’re inviting investors to join us on a clear growth trajectory built upon more than 30,000 hectares of resilient, diversified assets and robust processing capacity.”
From Foundation to Full-Scale Expansion
The N235 billion capital injection will transition Ellah Lakes from its foundation-building phase to comprehensive market expansion, according to company leadership. The funds are earmarked for strategic acquisitions and substantial upgrades to processing facilities, with particular focus on integrating recently acquired assets and enhancing crude palm oil mills and cassava processing capabilities.
Paul Farrer, Deputy Managing Director of Ellah Lakes, outlined the precise allocation strategy: “Every naira from this raise has a clear strategic purpose. We’re deploying capital to accelerate integration of Agro-Allied Resources & Processing Nigeria Limited assets while upgrading our processing infrastructure. Our strategy is unambiguous—we’re using this equity to achieve a step-change in operational efficiency and scale, ensuring we maximize value from every hectare and secure robust revenue streams.”
Market Confidence and Agricultural Transformation
Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited, praised Ellah Lakes for leveraging capital markets as a growth platform. “This N235 billion equity raise demonstrates the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth,” Chiemeka noted. “We’re particularly encouraged to see a leading indigenous agribusiness like Ellah Lakes harnessing the market to scale operations and deepen value creation across the agricultural value chain.”
The offering presents what industry observers describe as a ground-floor opportunity for both institutional and retail investors to participate directly in Nigeria’s agricultural transformation story. Since its strategic repositioning in 2019 following the acquisition of Telluria Limited, Ellah Lakes has transformed from its origins as a 1980 fish farming enterprise into a vertically integrated agro-industrial powerhouse focused on crop cultivation, processing, and sustainable value creation.
As Nigeria continues to grapple with food security challenges and economic diversification needs, Ellah Lakes’ expansion plans represent a significant private sector response to national development priorities. The company’s growth strategy aligns with broader efforts to strengthen Nigeria’s agricultural value chains and reduce dependency on food imports.
Source: BusinessDay