Salamatu Ejembi, Lagos
The Nigerian Exchange Limited (NGX) has commended the launch of Ellah Lakes Plc’s ₦235bn Offer for Subscription, describing it as a significant step towards strengthening Nigeria’s indigenous agribusiness sector.
Speaking during the Facts Behind the Offer presentation at the NGX, the Chief Executive Officer of the Exchange, Mr. Jude Chiemeka, praised Ellah Lakes for leveraging the Nigerian capital market as a platform for expansion.
“The launch of this ₦235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth,” Chiemeka said.
“At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain.
“This Offer represents not only an opportunity for investors to participate in the country’s agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation,” he added.
The Chief Executive Officer of Ellah Lakes Plc, Mr. Chuka Mordi, described the Offer as a defining milestone in the company’s growth journey.
“This Offer for Subscription is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of ₦12.50 per share, this raise reflects the intrinsic value of our scaled, integrated platform,” Mordi said.
“The ₦235 billion equity expansion marks our transition from foundation building to full-scale market expansion, driving sustainable profitability and advancing Nigeria’s food security agenda.”
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Also speaking, the Deputy Managing Director of Ellah Lakes Plc, Mr. Paul Farrer, outlined the company’s strategic deployment plan.
“Every naira from this raise has a clear strategic purpose. The proceeds will accelerate the integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and upgrade our crude palm oil and cassava processing facilities.
“Our goal is to deliver a step-change in operational efficiency and scale, maximising value for shareholders and contributing to the broader agro-industrial ecosystem,” he said.
The NGX said the Offer for Subscription demonstrates its ongoing commitment to linking issuers with investors and supporting companies in key growth sectors to access efficient capital.
The transaction offers both institutional and retail investors a unique opportunity to participate in one of Nigeria’s most ambitious agro-industrial expansion projects, reaffirming NGX’s role as the exchange of choice for transformative financing.
Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, is raising ₦235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at ₦12.50 per share.
The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, 10 November 2025, and will close on Friday, 5 December 2025.