Ellah Lakes Unveils N235bn Equity Offer, Outlines Proceed Utilisation Plan

Ellah Lakes Plc, Nigeria’s leading integrated agro-industrial enterprise, has announced the launch of its N235 billion equity offer on the Nigerian Exchange Limited (NGX), marking a bold step in its growth journey and Nigeria’s agricultural transformation drive.

The company is raising the funds through the issuance of 18.8 billion ordinary shares of 50 kobo each at N12.50 per share, in a public offer that opened on Monday, November 10, 2025, and will close on Friday, December 5, 2025.

The offer is led by Rand Merchant Bank (RMB) as the Lead Issuing House, according to statement by the management of the NGX.

Speaking during the ‘Facts Behind the Offer’ presentation at the NGX, Mr. Jude Chiemeka, Chief Executive Officer of NGX, hailed the move as a significant testament to the strength of Nigeria’s capital market as a driver of real-sector growth.

“The launch of this N235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate expansion,” Chiemeka said.

“We are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale operations and deepen value creation across the agricultural value chain. This offer represents not only an investment opportunity but also renewed confidence in the Exchange as a gateway for transformative capital formation.”

In his remarks, Mr. Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, described the offer as a pivotal step in the company’s evolution from foundational growth to full-scale market expansion.

“This Offer for Subscription is about unlocking the next chapter of Ellah Lakes’ growth story,” Mordi said.

“At N12.50 per share, this raise reflects the intrinsic value of our scaled, integrated platform. We’re inviting investors to participate in a clear growth trajectory built on over 30,000 hectares of diversified assets and robust processing capacity. This N235 billion equity expansion moves us decisively toward sustainable profitability while advancing Nigeria’s food security agenda.”

Mr. Paul Farrer, Deputy Managing Director of Ellah Lakes, gave further insight into how the proceeds will be deployed.

“Every naira from this raise has a clear strategic purpose,” he explained.

“The funds 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. The goal is to achieve a step-change in efficiency, scale, and value delivery to shareholders, while strengthening Nigeria’s agro-industrial ecosystem.”

The NGX said the transaction reinforces its commitment to connecting issuers with investors and expanding access to long-term capital for companies driving real-sector growth.

With this move, Ellah Lakes positions itself at the heart of Nigeria’s agro-industrial transformation, offering both institutional and retail investors a rare opportunity to invest in one of the country’s most ambitious agribusiness expansion initiatives.