Ellah Lakes Plc EGM: ₦250bn capital raise and debt-to-equity conversion approved

Shareholders of Ellah Lakes Plc (NGX: ELLAHLAKES) has approved the raising of capital up to ₦250 billion as well as the conversion of Director/shareholder loans granted to the Company to equity.

Also read; Okomu Oil declares ₦30.00 interim dividend for H1 2025

The capital raise and debt-to-equity conversion were amongst the resolutions proposed and passed at the Company’s Extra-ordinary General Meeting (EGM) held at Conference Centre, Naval Dockyard, Ahmadu Bello Way, Victoria Island, Lagos on Friday, 25 July 2025.

As at 30 April, 2025, the Company’s had a Director’s loan in the sum of ₦420 million. The report went further to say that the only outstanding unsecured debt is from Blackman & Co (Consultancy) Ltd (Chuka Mordi).

Mr. Francis Chukwuka Mordi is the Managing Director of Ellah Lakes Plc. Blackman & Co. Ltd. holds 488,153,398 ordinary shares of Ellah Lakes, representing 17.73% of outstanding shares.

At the EGM, the following resolutions were proposed and passed:

That the Board of Directors of the Company be and are hereby authorised to raise capital of up to ₦250,000,000,000 (two hundred and fifty billion Naira) or such other amount as they may determine by way of private placement, public offer or any other equity issuance and that the Equity Issue be executed at such price, time, for such period and on such other terms as the Board of Directors may approve, subject to obtaining all relevant regulatory approvals;
That the Board of Directors be and are hereby authorised to approve, sign and/or execute all documents, appoint such professional parties and advisers as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.
That all acts carried out by the Board of Directors and/or Management of the Company in connection with the above be and are hereby approved and ratified.
That the Board of Directors be and are hereby authorised to perform other acts, take other steps or do all such other things as may be necessary for or incidental to, or as they deem appropriate to giving effect to the spirit and intendments of the above resolutions.
That the Board of Directors be and are hereby authorised to approve the conversion of Director/shareholder loans granted before 25 July 2025, being the date of the extraordinary general meeting of the Company, into ordinary shares of the Company on such terms and in such manner as the Board will deem fit subject to obtaining all relevant regulatory approvals.
That all acts carried out by the Board of Directors and/or Management of the Company in connection with the above are hereby approved and ratified.
That the Board of Directors be and are hereby authorised to perform other acts, take steps or do all such other things as may be necessary for or incidental to giving effect to the spirit and intendments of the above resolutions, as they deem appropriate.
That the share capital of the Company be and is hereby increased 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 and that the new shares thus created be allotted pursuant to the Equity Issue and conversion of the Company’s debt into ordinary shares and registered with the Securities & Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX) and consequently that the Memorandum and Articles of Association of the Company be amended accordingly.

About the Company

Ellah Lakes is a public limited company incorporated on 22 August 1980 with Corporate Affairs Commission as a private liability company. It was converted to a public limited company on 16 June 1992.

The Company was founded by late Senator F. J. Ellah, with focus on the production and marketing of fresh water fish, until the company ceased commercial operations due to unrest in the Niger Delta region.

In May 2019, Ellah Lakes completed the acquisition of Telluria Farms. This acquisition refocused the corporate mission of Ellah Lakes on the production and processing of Cassava, Maize, Soya and Oil Palm into their derivative products.

Its office is situated at 10 , Muritala Mohammed Way, Benin City, Edo State.