Ellah Lakes Targets N200bn Revenue, Opens N235bn Public Offer

Ellah Lakes Plc has kicked off a N235 billion public offer as part of its next phase of strategic growth and capital expansion.

The company stated this at its”Facts Behind the Offer” presentation held on 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.

Additionally, Ellah Lakes noted that the capital raise supports a five-year strategy to achieve N200 billion in revenue, leveraging diversified crops, livestock, and enhanced value-added processing.
Ellah Lakes issued 18.800 billion ordinary shares of 50 kobo each, at a price of N12.50 per share, targeting a total raise of N235 billion. The application list for the Offer opened yesterday, November 10, 2025, and will close on December 5, 2025. The Company has appointed Rand Merchant Bank (RMB) as the Lead Issuing House for this landmark equity expansion.

Speaking, the chief executive officer of Ellah Lakes, Chuka Mordi, stated that “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 N12.50 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 N235 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.”

The deputy managing director, Ellah Lakes, Paul Farrer elaborated on how the proceeds will be deployed, saying that “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.”

The chief executive officer of Nigerian Exchange Limited (NGX), Jude Chiemeka, commended Ellah Lakes for leveraging the capital market as a platform for growth, saying, “The launch of this N235 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.”