Ellah Lakes Launches N235bn Offer for Subscription
Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, on Monday launched a N235 billion offer for subscription on the floor of the Nigerian Exchange Ltd. (NGX).
The event took place during a Facts Behind the Offer presentation at the Exchange in Lagos. The initiative reinforced NGX’s role as a catalyst for capital formation and highlighted its commitment to improving access to long-term financing for businesses.
Ellah Lakes is raising N235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at N12.50 per share. The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, Nov. 10 and will close on Friday, Dec. 5.
Speaking at the event, Mr Jude Chiemeka, Chief Executive Officer of NGX, commended Ellah Lakes for using the Nigerian capital market as a platform for growth.
He said the N235 billion equity raise underscored the strength and resilience of Nigeria’s capital market as a driver of corporate expansion. “At NGX, we are pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and create greater value.
“This Offer provides investors with an opportunity to participate in the country’s agro-industrial growth and signals renewed confidence in the Exchange,” he said. Mr Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, described the offer as a pivotal step in the company’s evolution.
Mordi said: “This offer for subscription is about unlocking the next chapter of Ellah Lakes’ growth story. “At N12.50 per share, this raise reflects the intrinsic value of our integrated agricultural platform.”
He said investors were being invited to join a growth trajectory built on over 30,000 hectares of diversified assets and strong processing capacity.
“The N235 billion equity expansion marks our shift from foundation building to full-scale market expansion, advancing Nigeria’s food security agenda,” he said.
Mr Paul Farrer, Deputy Managing Director of Ellah Lakes Plc, explained the company’s deployment strategy for the funds to be raised.
“Every naira from this raise has a clear strategic purpose. The proceeds will enhance integration of Agro-Allied Resources and Processing Nigeria Ltd. (ARPN) assets and upgrade our palm oil and cassava facilities,” Farrer said.
He said the company’s goal was to achieve greater operational efficiency and scale, while delivering value for shareholders and strengthening the agro-industrial ecosystem.
The launch of the Ellah Lakes offer demonstrates NGX’s continued commitment to connecting issuers with investors and supporting corporate growth through efficient capital access.
The transaction provides both institutional and retail investors with an opportunity to invest in one of Nigeria’s most ambitious agro-industrial expansion projects. FX Shortfall Weighs on Naira, Spot Rate Falls to N1437/$
