Ellah Lakes launches N235bn equity raise to accelerate growth, drive expansion
L-R: Hewett Benson, Chief Financial Officer, Ellah Lakes; Chuka Mordi, Chief Executive Officer, Ellah Lakes; Paul Farrer, Deputy Managing Director, Ellah Lakes; at Ellah Lakes’ “Facts Behind the Offer” presentation at the Nigeria Exchange Limited (NGX).
Nike Popoola
Ellah Lakes Plc. (“Ellah Lakes”, or “the Company”) Nigeria’s pioneering integrated agro-industrial company, today officially announced the launch of its ₦235 billion Offer for Subscription as part of its next phase of strategic growth and capital expansion following a comprehensive “Facts Behind the Offer” presentation at the Nigerian Exchange Limited (NGX). The Company is raising the capital to significantly fund strategic acquisitions and upgrade its processing facilities as part of its next phase of expansion and value creation.
Ellah Lakes will issue 18,800,000,000 ordinary shares of 50 kobo each, at a price of ₦12.50 per share, targeting a total raise of ₦235 billion. The application list for the Offer opened on Monday, 10 November 2025, and will close on Friday, 5 December 2025. The Company has appointed Rand Merchant Bank (RMB) as the Lead Issuing House for this landmark equity expansion.
Speaking on the announcement, Mr Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, highlighted the strategic significance of the offer:
“This Offer for Subscription is not just about raising capital, it is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of ₦12.50 per share, this capital raise reflects the intrinsic value of our scaled, integrated platform. We are inviting investors to capitalise on a clear trajectory of growth, one that is built on over 30,000 hectares of resilient, diversified assets and robust processing capacity.
“The ₦235 billion equity expansion represents a capital phase that will transition Ellah Lakes from foundation building to full-scale market expansion, delivering sustainable profitability, returns on investment and advancing Nigeria’s food security and rural prosperity agenda.”
Mr Paul Farrer, Deputy Managing Director, elaborated on how the proceeds will be deployed “Every naira from this raise has a clear strategic purpose, the capital will be deployed to accelerate the integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and to upgrade our Crude palm oil (CPO) mills and cassava processing facilities.
“Our strategy is clear: we are using this equity to achieve a step-change in operational efficiency and scale. This ensures we maximise the value of every hectare and secure a robust revenue stream for Ellah Lakes. This will deliver value to all stakeholders as it delivers operational and financial scale immediately.”
Speaking further at the event, Mr Jude Chiemeka, Chief Executive Officer, Nigerian Exchange Limited (NGX), commended Ellah Lakes for leveraging the capital market as a platform for growth, saying: “The launch of this ₦235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth.
“At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain. This Offer represents not only an opportunity for investors to participate in the country’s agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation.”
The Offer for Subscription provides a ground floor opportunity for both institutional and retail investors to participate directly in one of Nigeria’s most ambitious agro-industrial growth stories as the Company scales its vertically integrated agro-industrial operations and strengthens its leadership position in Nigeria’s and West Africa’s agricultural value chain.
