In a bid to add its quota to addressing Nigeria’s long-term demand for food and agricultural processing, Ellah Lakes Plc is anticipating an addition of over N200b to its balance sheet, to set stage for accelerated revenue growth, with measurable impact expected by Q1 2027.
This was revealed by the Managing Director/CEO of the firm, Chuka Mordi, during an Extraordinary General Meeting (EGM), held in Lagos at the weekend, where he noted the company’s aspiration to be among the top five agribusiness producers in Nigeria.
At the meeting, aside that the shareholders voted in favour of several resolutions that collectively advance the Companys’ long-term strategic transformation, they also approved key resolutions, which include acquisition of a major agricultural asset, which expands Ellah Lakes’ operational footprint and accelerates its’ national agribusiness growth strategy.
“Approval to raise up to N250b in equity capital via public offer, private placement or other equity issuance instruments. The capital is primarily intended to fund the acquisition and support associated expansion plans. Conversion of existing director and shareholder loans into equity, strengthening the Companys’ balance sheet and financial structure; and increase in the Companys’ authorised share capital to accommodate the forthcoming equity issuance and transaction-related share allocations.”
Mordi noted that the decisions reflect a unified commitment by the Board and shareholders to position Ellah Lakes as a scalable, vertically integrated agricultural platform focused on delivering sustainable value.
While doing an overview of its 2024 performance, the firm said it recorded significant operational and infrastructure progress, including revenue Realisation, as it reported N68.7m in Q3 2025 revenue from sales, representing a transition into early-stage commercial activity.
“Revenue has begun to materialise from initial harvests and pre-commercial outputs, reflecting execution of its’ operational rollout. Agribusiness Diversification: In June 2024, Ellah Lakes launched its’ piggery business, designed to supply affordable, locally produced protein to the domestic market.”
The initiative is anchored by internal feed production and supported by bio-energy solutions, reinforcing
“Palm Oil Processing Capacity: The Company completed installation of a 5-ton Crude Palm Oil (CPO) mill, which is currently undergoing commissioning. Once operational, this facility will enable in-house processing of harvested palm fruit, strengthen vertical integration and unlock higher-margin downstream value. Governance and Capacity Strengthening: In alignment with capital market expectations, Ellah Lakes continued to improve its corporate governance framework and deepen its’ leadership capacity….”
Looking ahead, Mordi said with shareholders approval secured, Ellah Lakes Plc is positioned to complete the acquisition and initiate its next growth phase. The transaction is expected to expand the Companys’ landbank, processing infrastructure and regional reach; improve cost efficiencies through vertical integration; strengthen its role in contributing to Nigeria’s food security and agro-industrial development.
“The Company’s’ strategic roadmap targets an expansion of its balance sheet, improvements in earnings quality and increased shareholder value with revenue growth and capital efficiency gains expected by 2027.”
