NGX Lists 2.25bn Ellah Lakes Shares After N6.3bn Debt-to-equity Conversion

The Nigerian Exchange Limited (NGX), has listed an additional 2.252 billion ordinary shares of Ellah Lakes Plc following the company’s conversion of N6.306 billion debt to equity.

The shares, priced at N2.80 each, were admitted to the daily official list on June 23, 2026, raising Ellah Lakes’ total issued and fully paid-up shares from 3.858 billion to 6.110 billion.

Meanwhile, the Company Ellah said it is aggressively expanding its agricultural value chain by commissioning a new Palm Kernel Oil (PKO) processing mill in Edo State, expected to be fully installed by the end of Q3 2026.

Concurrently, the company is scaling its livestock operations, with its Edo State piggery now exceeding 1,000 heads.

Speaking to shareholders at the Company’s 2026 Annual General Meeting held in Lagos, the chairman of the Board, Joe Attueyi, highlighted the successful commissioning of the Crude Palm Oil mill at Iguelaba as a critical leap in the firm’s backward integration strategy.

He said, “investors seek predictable returns, and we are entering a phase where our sustained investments are translating into tangible results.

“Our focus is now on scaling production, deepening processing capacity, and strengthening operational efficiency across our entire agricultural value chain.”

The chairman further detailed the company’s roadmap, specifically the development of a new 40-tonne-per-day Palm Kernel Oil processing mill, which is expected to be operational by the fourth quarter of 2026.

He added that “the subscription levels of our recent operations tell us that when investors did their due diligence, what they found gave them confidence.”

He said, “The upcoming PKO mill will deepen our value capture and expand our processing capacity, creating a more resilient operating structure.”

Ellah Lakes is a Nigerian publicly traded agribusiness listed on the Nigerian Exchange Group (NGX). Originally a fish-farming venture, the company has transformed into a large-scale crop producer and processor, focusing on palm oil, cassava, soybeans, maize, and rice.