Ellah Lakes eyes top five oil palm producer position in Nigeria

Holds 2024 AGM
Ellah Lakes has set a growth target of becoming one of the top five oil palm producers and processors in Nigeria.

In addition, the firm is also aiming at generating revenue from its livestock piggery venture by the end of the year, with plans to breed over 5000 pigs and produce 500 tons a year of pork to supply Southwest and South South subregion.

This, it said, would be achieved with plans to partner a reputable management company to oversee the maintenance of the farmland and piggery livestock farm ay Iguelaba Community, Orhionmwon Local Council, Edo State, ensuring that they leverage expertise to optimise the new opportunity.

The Chairman, Board of Directors, Ellah Lakes, Mr. Joe Attueyi, who disclosed this in his statement, during the yearly general meeting of the company held in Lagos, said the firm is taking proactive steps to innovate and diversify its business.

He said: the prevailing macro environment has had a profound impact on agriculture and agribusiness in Nigeria. With an inflation rate currently at 32.70 per cent and a GDP growth rate of just 3.19 per cent, we find ourselves navigating through a field of thorns.

“The agricultural sector, which is vital for our food security and employment, has been particularly affected, with reduced access to finance and fluctuating commodity prices creating a challenging landscape for businesses like ours. At Ellah Lakes, we believe in turning challenges into opportunities and we are also determined to thrive amidst these challenges.

“In the past year, we have made significant changes, including appointing two new directors, Mr. Emmanuel Jakpa and Mr. Kofo Majekodunmi, which signal our commitment to governance and operational excellence.”

Attueyi stressed that the firm has successfully completed its Rights Issue, which reinforces its financial foundation and positions for future growth. “We are also changing our year-end date from July 31 to December 31. This adjustment will align our reporting dates with many companies in Nigeria, and I encourage you all to support this resolution, which is on our agenda today.

“As we look ahead, we are committed to innovating our farm structures and scaling our operations to meet the growing demands of the agricultural sector. The path forward may be fraught with challenges, but we believe in the resilience of our company and the potential for growth within Nigeria’s agricultural landscape.”

The AGM also witnessed election of shareholders representatives to the statutory Audit committee, and re-appointment of directors of the board.