Ellah Lakes Gets Shareholders’ Approval to Raise N250bn via Public Offer

Kayode Tokede

The management of Ellah Lakes Plc has gotten shareholders’ approval to raise up to N250 billion in equity capital via public offer, private placement or other equity issuance instruments.

This was part of the resolutions shareholders approved during the company’s Extraordinary General Meeting (EGM) held in Lagos.

The shareholders also approved of the company’s long-term strategic transformation that include: acquisition of a major agricultural asset, which expands Ellah Lakes’ operational footprint and accelerating its’ national agribusiness growth strategy, conversion of existing director and shareholder loans into equity, strengthening the companys’ balance sheet and financial structure.

The management also got shareholders’ approval to increase the company’s authorised share capital to accommodate the forthcoming equity issuance and transaction-related share allocations.

These decisions reflect a unified commitment by the Board and shareholders to position Ellah Lakes as a scalable, vertically integrated agricultural platform focused on delivering sustainable value.

Speaking to shareholders, Managing Director/CEO, Ellah Lakes, Mr. Chuka Mordi, said, “We are truly excited about the transformational potential of this transaction, which is expected to position Ellah Lakes among the top five agribusiness producers in Nigeria.

“With Nigeria’s population growth driving long-term demand for food and agricultural processing and given the scale of assets we are bringing on board, we anticipate an addition of over N200 billion to our balance sheet. This expansion sets the stage for accelerated revenue growth, with measurable impact expected by Q1 2027.”

Over the last financial year, Ellah Lakes recorded significant operational and infrastructure progress, part of which are N68.7 million in third quarter (Q3 2025) revenue from sales, representing a transition into early-stage commercial activity.

Revenue has begun to materialise from initial harvests and pre-commercial outputs, reflecting execution of its’ operational rollout and launching of its piggery business, designed to supply affordable, locally produced protein to the domestic market.

The Agribusiness diversification initiative is anchored by internal feed production and supported by bioenergy solutions, reinforcing cost efficiency and sustainability.

“Initial steps included the acquisition of 300 pigs and commencement of supporting infrastructure,” the company explained.

“Also, the company completed installation of a 5-ton Crude Palm Oil (CPO) mill, which is currently undergoing commissioning. Once operational, this facility will enable in-house processing of harvested palm fruit, strengthen vertical integration and unlock higher-margin downstream value.

“In alignment with capital market expectations, Ellah Lakes continued to improve it’s corporate governance framework and deepen its’ leadership capacity. The Company is actively scaling both its’ Board and executive team, ensuring it has the institutional capabilities to oversee complex transactions, manage strategic partnerships, and deliver on investor expectations,” the company added.

These milestones provided the operational foundation for the next phase of the Companys’ growth strategy.

On looking ahead, it stated, “With shareholder approval secured, Ellah Lakes Plc is now positioned to complete the acquisition and initiate its’ next growth phase. The transaction is expected to: expand the Companys’ landbank, processing infrastructure and regional reach;  improve cost efficiencies through vertical integration and strengthen its’ role in contributing to Nigeria’s food security and agro-industrial development.”