Ellah Lakes Plc, a leading Nigerian agro-industrial company, has launched a substantial equity raise of N235 billion on the Nigerian Exchange Ltd. (NGX). The offer, which opened on November 10 and will close on December 5, involves the issuance of 18.8 billion ordinary shares at N12.50 per share. This development highlights the company’s ambitious growth plans and its commitment to expanding its operations in Nigeria’s agro-industrial sector.
The offer, led by Rand Merchant Bank as the Lead Issuing House, is seen as a significant step in Ellah Lakes’ evolution, according to the company’s Chief Executive Officer, Chuka Mordi. He emphasized that the raise reflects the intrinsic value of the company’s integrated agricultural platform, which spans over 30,000 hectares of diversified assets and strong processing capacity. The proceeds from the offer will be used to enhance the integration of Agro-Allied Resources and Processing Nigeria Ltd. (ARPN) assets, upgrade palm oil and cassava facilities, and achieve greater operational efficiency and scale.
The Nigerian Exchange Ltd. (NGX) has welcomed the offer, with its Chief Executive Officer, Jude Chiemeka, commending Ellah Lakes for utilizing the capital market as a platform for growth. He noted that the N235 billion equity raise underscores the strength and resilience of Nigeria’s capital market as a driver of corporate expansion. The offer provides investors with an opportunity to participate in the country’s agro-industrial growth and signals renewed confidence in the Exchange.
The launch of the Ellah Lakes offer demonstrates NGX’s continued commitment to connecting issuers with investors and supporting corporate growth through efficient capital access. The transaction is expected to provide both institutional and retail investors with an opportunity to invest in one of Nigeria’s most ambitious agro-industrial expansion projects, ultimately contributing to the country’s food security agenda. With this development, Ellah Lakes Plc is poised to play a significant role in Nigeria’s agro-industrial sector, and the success of the offer will be closely watched by investors and industry stakeholders.