Ellah Lakes Plc (NGX: ELLAHLAKES) has commenced commercial activities through the sale of oil palm fruits and has also advanced with the operational launch of its piggery initiative with the acquisition of over 300 pigs.
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Chuka Mordi, Managing Director/CEO of Ellah Lakes Plc disclosed this while speaking after the Extraordinary General Meeting of the company which held on Friday, 25th July 2025 at the conference centre, Naval Dockyard, Victoria Island, Lagos.
Mr. Mordi said; “The outcome of the EGM marks a powerful alignment between our shareholders and strategic vision. With acquisitions and capital raises now approved, we are set to deepen our operational footprint, scale efficiencies, and drive national security impact. We anticipate adding ₦200 billion to our balance sheet and delivering measurable revenue growth by 2027.”
The Company also shared updates on recent performance highlights, including the installation of a 5-ton
Crude Palm Oil (CPO) processing mill which is currently undergoing commissioning and is expected to
enhance in-house processing capacity, support downstream integration, and improve overall margin. The
Company has commenced commercial activities through the sale of Fresh Fruit Bunches (FFBs), marking a significant step toward early revenue generation from its agricultural assets.
Additionally, the Company’s livestock diversification strategy has advanced with the operational launch of its piggery initiative. With over 300 pigs already acquired and supporting infrastructure in development, the project is positioned to provide affordable, locally produced protein to the Nigerian market, reinforcing Ellah Lakes’ commitment to sustainable and inclusive agri-industrial development.
At the EGM, shareholders voted in favour of critical resolutions that mark a pivotal phase in the Company’s
growth and strategic repositioning. These include:
- Approval of the acquisition of a significant agricultural asset to expand Ellah Lakes’ operational footprint and processing capacity;
- Authorisation to raise up to ₦250 billion in new equity capital, through a combination of public offering, private placement, or other equity issuance mechanisms to fund the strategic acquisition
- Conversion of existing director/shareholder loans granted before 25 July 2025 into equity, further strengthening the Company’s capital structure and demonstrating internal stakeholder confidence in the long-term strategy.
- Increase in the authorised share capital of the Company to such amount as may be determined by the Board of Directors ranking pari passu in all respects with the existing ordinary shares of the Company in order to accommodate the forthcoming capital raise and related transactions
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
