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 opened on 10 November and will close on 5 December, involving the issuance of 18.8 billion ordinary shares at N12.50 each. This move underscores the company’s ambitious growth plans and its commitment to expanding operations within Nigeria’s agro‑industrial sector.
The offering is being led by Rand Merchant Bank as the Lead Issuing House. According to Ellah Lakes’ Chief Executive Officer, Chuka Mordi, the raise reflects the intrinsic value of the company’s integrated agricultural platform, which spans more than 30,000 hectares of diversified assets and boasts strong processing capacity. Proceeds 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 NGX has welcomed the offer, with its Chief Executive Officer, Jude Chiemeka, praising Ellah Lakes for leveraging the capital market as a growth platform. He noted that the N235 billion equity raise highlights 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 demonstrates NGX’s continued commitment to connecting issuers with investors and supporting corporate growth through efficient capital access. The transaction is expected to give both institutional and retail investors a chance to invest in one of Nigeria’s most ambitious agro‑industrial expansion projects, ultimately contributing to the nation’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.
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