Goddy Egene
The Managing Director of Ellah Lakes Plc, Mr. Chuka Mordi, has said the company is being restructured and positioned as a leading agribusiness player across West Africa.
Mordi stated this during the presentation of the company’s ‘Facts Behind the Figures’ to market stakeholders on the Nigerian Exchange (NGX) Limited platform.
According to him, prior to 2019 Ellah Lakes Plc was an insolvent entity on NGX but Telluria Ltd acquired the company, recapitalized its balance sheet and repositioned business for growth with a new board and management team.
“Today, we are undergoing a restructuring exercise, which will return the business to profitability and reposition it as a leading Agribusiness player across West Africa.
“From a corporate governance point of view, we hold ourselves to high standards of governance as expected by our shareholders and regulator, and as is befitting of our vision to become the leading supplier of sustainable edible oils and starch to the FMCG Industry in Nigeria, particularly, and West Africa, in general. Furthermore, our free float status remains a priority for the board.
“We are working together with our advisers and the Exchange on ensuring that the required free float percentage is achieved in the shortest possible time,” Mordi said.
Chief Agronomist at Ellah Lakes Plc, Mr. Jamie Rixton, went on to present the financials and future plans of the company, emphasising its intention to improve cash flow and ultimately start paying dividends to shareholders.
The NGX Fact Behind the Figures presentation provides listed companies the opportunity to inform the market of their financial performance as well as other strategic and operational developments.
Since the activation of remote trading and working from home in March 2020, NGX has transitioned this engagement into a virtual session thereby opening up the platform to more participants across the capital market ecosystem.
Speaking at the event, the Divisional Head, Listings Business, NGX, Mr. Olumide Bolumole, given that the market was driven by timely, relevant, and accurate information, interactions with the market were vital for transparency, price discovery and overall performance of securities.
“I must, therefore, commend the board and management of Ellah Lakes for partaking in this Facts Behind the Figures. Given the invaluable contributions of the agricultural sector to the Nigerian economy, Ellah Lakes Plc continues to exploit the opportunities in the sector. The company’s recent agreement with the Ondo State Government for the joint development and management of 5,000 Hectares of land, for the cultivation of oil palm & cassava highlights its drive and commitment towards creating value for shareholders,” he said.
