Ellah Lakes Targets Dividend Pay-out by 2026, Floats N235bn Offer

Kayode Tokede

The management of Ellah Lakes Plc, yesterday expressed determination to reward shareholders with dividend pay out by 2026 as the agro-industrial enterprise, is raising N235 billion from the Nigerian Exchange Limited (NGX). 

This was disclosed by Chief Executive Officer, Ellah Lakes, Mr. Chuka Mordi at the company’s “Facts Behind the Offer” presentation at NGX in Lagos.

Nigeria’s pioneering integrated agro-industrial enterprise, is raising N235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at N12.50 per share. The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, November 10, 2025, and will close on Friday, December 5, 2025.

Mordi at the event said, “Given to the nature of our transaction and where we are after the last five years, from where we expected to be 2026, I think we can make a commitment to shareholders that we intend to start paying dividend by next year.”   

On the offer, he said, “This Offer for Subscription is not just about raising capital, it is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of N12.50 per share, this capital raise reflects the intrinsic value of our scaled, integrated platform.

“We are inviting investors to capitalise on a clear trajectory of growth, one that is built on over 30,000 hectares of resilient, diversified assets and robust processing capacity.

“The N235 billion equity expansion represents a capital phase that will transition Ellah Lakes from foundation building to full-scale market expansion, delivering sustainable profitability, returns on investment and advancing Nigeria’s food security and rural prosperity agenda.”

He added that the company by 2030 targets a revenue of N200billion with a strong dividends payment with flexibility to re-invest in the business, fund growth and pay down debt.

Deputy Managing Director, Ellah Lakes, Mr. Paul Farrer further detailed the company’s deployment strategy: “Every naira from this raise has a clear strategic purpose. The proceeds will accelerate integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and upgrade our crude palm oil and cassava processing facilities. Our goal is to deliver a step-change in operational efficiency and scale, maximising value for shareholders and contributing to the broader agro-industrial ecosystem.”

Speaking earlier at the event, Chief Executive Officer, NGX, Mr Jude Chiemeka commended Ellah Lakes for leveraging the capital market as a platform for growth, saying: “The launch of this N235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth.

“At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain. This Offer represents not only an opportunity for investors to participate in the country’s agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation.”

The Offer for Subscription provides a ground floor opportunity for both institutional and retail investors to participate directly in one of Nigeria’s most ambitious agro-industrial growth stories as the Company scales its vertically integrated agro-industrial operations and strengthens its leadership position in Nigeria’s and West Africa’s agricultural value chain.