Ellah Lakes Plc is diversifying into palm oil cultivation and production so as to deliver returns to shareholders. To this end, Ellah Lakes recently acquired Telluria Farms, which led to listing of additional of 1,880 billion shares of the company on the main board of the Nigerian Stock Exchange (NSE).
According to the company, listing of these shares on the NSE would create options for investors in the agri-business segment of the NSE and it is expected to provide increased liquidity to existing shareholders.
Speaking on the listing, the outgoing Chief Executive Officer of Ellah Lakes Plc, Frank Ellah, said the listing was a historical moment considering the turbulence nature of the area of operation, saying this would help give a new dimension to their shareholders.
“Today marks a milestone in the history of our company. After a number of years of challenging operational performance and trading illiquidity, with our new management in place, I am pleased to see the new trajectory of our growth as a business. We welcome existing and new shareholders to participate in our growth story,” he said.
Also speaking, the new Chief Executive Officer, Chuka Mordi, said the primary focus of the company is on the palm oil industry, as Nigeria imports double of what it produces with local consumption depending on importation, despite the comparative advantage of the value chain.
The company, which is diversifying from fish farming into high margin oil palm cultivation and processing business, he said, is making this strategic shift through the acquisition of Telluria Farms.
The new management has set a audacious three year target to take the advantage of opportunities in the Nigerian oil palm, with cultivation land mass of 30,000 hectares( Ha), 20 metric tonnages per hour(MT/hr) Palm Oil Milling and 20 metric tonnage per hour(MT/hr) palm refining.
“We are pleased to be embarking on this new phase in the journey of Ellah Lakes Plc. With the business combination of the assets of Telluria, Ellah Lakes is in a great position to deliver value to all shareholders.
“We believe and expect to partake in Nigeria’s growth story as we continue to support the communities we operate in, and all our stakeholders,” Mordi said.
According to him, the enlarged Ellah Lakes is built on a foundation of growth to meet the needs of Nigerians for agricultural products, both as retail consumers and as industrial partners.