Ellah Lakes Plc, one of Nigeria’s fastest-growing integrated agro-industrial companies, has announced the launch of a landmark N235 billion equity raise aimed at accelerating its next phase of growth, deepening operational capacity, and positioning the company as a dominant force across the agricultural value chain. The capital raise was formally unveiled during a comprehensive “Facts Behind the Offer” presentation at the Nigerian Exchange Limited (NGX), marking one of the largest equity subscription initiatives in Nigeria’s agribusiness sector.
The company is offering 18.8 billion ordinary shares of 50 kobo each at N12.50 per share, with the application list opening on Monday, November 10, 2025, and scheduled to close on Friday, December 5, 2025. Rand Merchant Bank (RMB) has been appointed as Lead Issuing House for the transaction, underscoring the scale and strategic significance of the offer.
Capital Raise Designed for Strategic Expansion
According to Ellah Lakes Plc, the N235 billion capital pool will be deployed primarily towards funding key acquisitions and upgrading the company’s processing assets. A substantial portion of the proceeds will support the integration of Agro-Allied Resources & Processing Nigeria Limited (ARPN)—a newly acquired asset expected to significantly strengthen the company’s long-term revenue profile and processing efficiency.
Chief Executive Officer, Mr. Chuka Mordi, described the equity raise as a pivotal moment that will unlock the next chapter of the company’s growth trajectory. He emphasized that the offer price reflects the intrinsic value of Ellah Lakes’ extensive landbank, diversified crop portfolio, and growing processing capacity.
“This Offer for Subscription is not just about raising capital; it is about unlocking the next chapter of Ellah Lakes’ growth story,” Mordi said. “With over 30,000 hectares of resilient and diversified assets, this equity expansion will transition the company from foundational consolidation to full-scale market expansion. Our objective is sustainable profitability, measurable returns on investment, and meaningful contributions to Nigeria’s food security and rural prosperity agenda.”
Deployment Plan: Integration and Operational Upgrade
Deputy Managing Director, Paul Farrer, highlighted that the funds would be channeled into investments that immediately strengthen operational efficiency. This includes the modernization of crude palm oil (CPO) mills, expansion of cassava processing plants, and deployment of mechanization assets across multiple farming locations.
“Every naira has a defined purpose,” Farrer said. “The equity will enable seamless integration of ARPN assets and unlock a step-change in our production capabilities. Our strategy is to maximize value extraction per hectare and deliver strong, stable revenue lines for shareholders.”
NGX Endorses Ellah Lakes’ Expansion Vision
At the NGX presentation, Chief Executive Officer of the Exchange, Mr. Jude Chiemeka, commended the company for leveraging the capital market as a platform for sustainable growth.
“The launch of this N235 billion equity raise underscores the depth and resilience of Nigeria’s capital market,” Chiemeka said. “We are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes using the market to scale its operations. This offer sends a strong signal of investor confidence and highlights the Exchange’s role in enabling transformative capital formation.”
Chiemeka noted that the planned expansion will stimulate activity across Nigeria’s agricultural value chain, improve agro-processing capacity, and strengthen food security at a critical time for the national economy.
A Unique Ground-Floor Opportunity for Investors
The Offer for Subscription provides investors—both institutional and retail—an opportunity to participate in what is projected to become one of Africa’s most significant agro-industrial expansion stories. With a vertically integrated model spanning crop cultivation, processing, and Livestock operations, Ellah Lakes aims to secure a leadership position in West Africa’s rapidly evolving agricultural landscape.
About Ellah Lakes Plc
Founded in 1980 as a fish farming enterprise, Ellah Lakes has undergone a transformational journey. Following the acquisition of Telluria Limited in 2019, the company repositioned itself as a vertically integrated agribusiness focused on high-demand crops such as oil palm and cassava. Its operations now span multiple value chains, including processing, Livestock, and sustainable agriculture.
Headquartered in Benin City, Edo State, the company manages expansive farmlands across multiple regions and remains committed to driving agricultural innovation, facilitating rural economic development, and strengthening Nigeria’s food security framework.
With the N235 billion equity raise, Ellah Lakes Plc is charting an ambitious course toward becoming West Africa’s leading indigenous agribusiness, built on scale, sustainability, and long-term value creation.
