By Sofiyyah Layole
Ellah Lakes Plc has announced a ₦235 billion public offer as part of its strategic move to expand operations across Nigeria’s agribusiness value chain and strengthen its balance sheet for sustainable growth.
At its Facts behind the offer presentation at NGX, the company detailed its growth roadmap, capital structure, and plans to deepen its role in ensuring national food security, a sector that currently contributes about 24 percent of Nigeria’s GDP.
Under the offer, Ellah Lakes is issuing 18 billion ordinary shares of 50 kobo each at ₦12.50 per share, with the offer running from November 10 to December 5, 2023.
The transaction has secured all necessary board, shareholder, and regulatory approvals.
The company stated that proceeds from the offer will be used for the acquisition of Agro-Allied Resources and Processing Nigeria Limited (ARPN), crude palm-oil processing, land development, and working-capital financing, all aimed at consolidating Ellah Lakes’ position as a fully integrated agribusiness.
Speaking during the presentation, CEO Chuka Modi said the company’s vision is to build a long-term, sustainable agribusiness capable of delivering value across Nigeria’s agricultural landscape.
Between 2020 and 2024, Ellah Lakes paid ₦121 billion in taxes to the federal government, raised ₦7.3 trillion in capital, and traded over ₦4.3 trillion in the secondary market, reinforcing its impact on Nigeria’s capital market and economy.
The company’s five-year projection shows robust growth: revenue is expected to rise from ₦476 million in 2025 to ₦20 billion by 2030, while its cultivated landbank will expand from 2,400 hectares to 18,593 hectares out of a total 34,000-hectare portfolio.
Ellah Lakes is building itself as a major player in Africa’s agribusiness landscape, combining profitability with sustainability.