Ellah Lakes Plc, Nigeria’s integrated agro-industrial company, planned to raise an additional N236 billion through a public offer to finance the acquisition of a major agricultural asset that will significantly expand production capacity and help diversify its revenue sources.

At a press briefing yesterday, the company said the proceeds will support its strategic repositioning and ambitious expansion plans across Nigeria’s agro-industrial sector. With more than 30,000 hectares of land assets in Enugu, Edo, Ekiti, and Ondo States, Ellah Lakes benefits from geographic and climatic diversity essential for its multi-crop operations. Chief Executive Officer of the company, Chuka Mordi, described the N236 billion capital raise as a clear declaration of the company’s intent and a reaffirmation of its commitment to shareholders to achieve economies of scale, market resilience, and long-term value creation.

He said that the funds would enable the company to strengthen its position as a leading indigenous agro-industrial enterprise in West Africa.
A major focus of the share listing is the execution of Ellah Lakes’ vertical integration strategy. The recent commissioning of its six-ton-per-hour Crude Palm Oil (CPO) mill marks a strategic step toward developing a more sustainable and scalable revenue model less dependent on external supply chains.

The company’s diversification strategy combines long-term oil palm investments with medium-term cassava cultivation and short-term income from its piggery operations, reinforcing both stability and profitability.

Ellah Lakes’ growth has been driven by a series of structured capital raises and strategic mergers and acquisitions. Among these was the 2019 reverse acquisition by Telluria Limited, which brought in vital oil palm assets and technical expertise that formed the backbone of the company’s vertical integration.

Recently, Ellah Lakes completed the acquisition of 100 percent of Agro-Allied Resources & Processing Nigeria Limited (ARPN), which added 11,783 hectares of cultivated land, 2,093 hectares of cassava plantations, and 10,393 hectares of uncultivated land to its portfolio.

Deputy Managing Director, Paul Farrer, described the ARPN acquisition as a major milestone, emphasising that the additional land bank and operational assets align perfectly with Ellah Lakes’ vision for sustainable, vertically integrated growth. He explained that the acquisition delivers immediate scale and financial gains, achieving in months what would otherwise take years through organic growth, while opening new opportunities for crop diversification and operational expansion. The company has also enhanced its financial stability through prudent financing moves, including a N2.9 billion rights issue in 2023 and a debt-to-equity conversion in late 2024.

These steps strengthened the balance sheet, secured over 30,000 hectares of land, and supported the commissioning of the CPO mill. The capital raise represents the company’s transition from a rebuilding phase to a stage of aggressive expansion and technological advancement, reinforcing its commitment to building a next-generation agribusiness platform in line with Nigeria’s agricultural transformation agenda.