Nigeria’s pioneer integrated agro-industrial company, Ellah Lakes Plc, says it has secured over 7,800 hectares across Enugu, Edo, Ekiti, and Ondo states, with 700 hectares cleared, 45,000 oil palm seedlings planted and another 40,000 in the nurseries, positioning the company for future scalability and yield optimisation.
This was disclosed in its published unaudited financial results for the 12-months, which ended on July 31, 2025, highlighting the firm’s continued revenue progression and strategic milestones that support long-term growth.
On what it termed its resilient cash flow strategy, the firm said its staggered cash flow strategy is delivering results, adding that revenue is materialising from early harvests, pre-commercial outputs, piggery sales and initial sales of Fresh Fruit Bunches (FFBs).
It added that the short-duration income is supporting liquidity and day-today operations, noting that the tiered model, combining short-term cash from livestock, mid-term returns from cassava, and long-term gains from oil palm, is proving effective in sustaining growth.
Ellah Lakes revealed that through the commissioning of 5tph Crude Palm Oil Mill, the firm has successfully installed its 5-ton-perhour (tph) Crude Palm Oil (CPO) mill, already commissioned now producing palm oil.
In addition, the firm said it has made substantial progress in its piggery business, in the Iguelaba Community, Orhionmwon Local Council, Edo State, and is being developed in partnership with a reputable management company to ensure optimal operations.
Furthermore, it revealed that at an Extraordinary General Meeting (EGM) held on Friday, July 25, 2025, shareholders approved the acquisition of a significant agricultural asset, a N235b equity raise, and the conversion of director/shareholder loans into equity, noting that the strategic initiatives, aimed at strengthening the Company’s balance sheet, signal deep confidence of the Board and key shareholders in Ellah Lakes’ long-term growth prospects.
Commenting on the results, the Chief Executive Officer of Ellah Lakes Plc, Chuka Mordi, said the result marks a significant milestone in the transformation of the firm.
“After years of sustained investment, we are now translating into tangible revenues, and we are only at the beginning of this growth trajectory. The momentum we are seeing across our oil palm, piggery, and cassava operations reinforce the strength of our integrated model and validate our strategy of building a diversified, cash-generative agro-industrial business.
“With over 7,800 hectares secured, our processing capacity expanding, and shareholders’ strong backing through recent approvals, we are building the scale and foundations necessary to deliver long-term value. The commissioning of our crude palm oil mill and progress in plantation development are clear signals that Ellah Lakes is entering a new phase of growth and commercialisation.
“Our focus remains on disciplined execution, operational efficiency, and delivering sustainable returns for all stakeholders. We are excited about the journey ahead and confident that the steps we are taking today will position Ellah Lakes as a leading player in Nigeria’s agro-industrial sector.”
The reports indicated that the firm’s financial review revenue rose sharply to N139.8m (FY 2024: NNil), driven primarily by the initial commercialisation of Fresh Fruit Bunches (FFB) harvested from planted hectares, alongside pre-commercial sales from the piggery segment and nursery operations.
“Gross profit reflected this increase of N138.7m, and the Company recorded an operating loss of N549.8m (FY 2024: N1, 157.5m). Total assets increased by 26.9 per cent to N31.2b (FY 2024: N24.6b), driven by capital expenditure on the CPO Mill, growth in biological assets, and higher cash reserves….”
Looking ahead, the firm said with the ongoing acquisition of a significant agricultural asset, and an equity raise, it is positioned to enhance its scale and production capacity significantly, whilst building on the operational momentum achieved over the past several quarters.
