• About Us
  • Terms & Conditions
  • Contact Us
Thursday, March 23, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    CJN Ariwoola disguised on wheelchair for a secret meeting with Bola Tinubu in London – Peoples gazette

    CJN Ariwoola disguised on wheelchair for a secret meeting with Bola Tinubu in London – Peoples gazette

    BREAKING: Ekweremadu, wife, doctor found guilty of organ trafficking

    BREAKING: Ekweremadu, wife, doctor found guilty of organ trafficking

    SEC sues Tron founder Justin Sun, Lindsay Lohan, other celebrities over crypto sales

    SEC sues Tron founder Justin Sun, Lindsay Lohan, other celebrities over crypto sales

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    Protest at all offices of the Central Bank – NLC directs workers

    Gov. Elections: INEC declares winner of Enugu State governorship election

    Gov. Elections: INEC declares winner of Enugu State governorship election

    How Labour Party won Abia State governorship election

    How Labour Party won Abia State governorship election

    Gov. Elections: Alex Otti of LP wins Abia State governorship election

    Gov. Elections: Alex Otti of LP wins Abia State governorship election

    JUST IN: ‘13 Parties’ threaten to pull out of 2023 Elections over naira redesign

    We will use all available sanctions against those who undermined Nigeria’s Polls – US

    INEC disowns online voter registration website

    INEC to resume collation of Gov. election results in Enugu and Abia state

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    CBN raises interest rate for the 6th consecutive time

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    List of Stockbrokers in Nigeria

    List of Stockbrokers in Nigeria

    MTN Nigeria to pay over N200 billion final dividend for 2022

    Custodian Investments Plc announces 55 kobo final dividend for 2022 FY

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Lost By 1.04%, as banking sector drops 1%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The Local Bourse declined by 0.42%, as FLOURMILL loses 5.92%

    Again DMO offers N360 billion FGN bond for February

    The DMO auctions 4 FGN Bonds worth N360bn in March

    Guaranty Trust Holding Company profit dips to N77.56 billion in H1 2022

    The NGX-ASI Declined by 0.12%, as GTCO loses 3.08%

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    Bitcoin rises over 18% as cryptos surge in renewed hope

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    FG agrees to pay $496 million as settlement claim for Ajaokuta Steel, others

    Seplat Energy Plc takes legal action against Orjiako

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Approval given for acquisition of International Energy Insurance Plc

    UBS agrees to buy troubled 167 years old rival, Credit Suisse

    Unilever Nigeria Plc Board of Directors approve Tea Business Separation Process

    Unilever Nigeria makes changes to its business model

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    Stanbic IBTC announced N2.00 final dividend for 2022 FY

    CEO of Ecobank Group to retire, new CEO announced

    Ecobank Transnational Incorporated announces delay in publication of 2022 result

    President Biden approves major Oil and Gas drilling project in Alaska

    President Biden approves major Oil and Gas drilling project in Alaska

    BUA Cement Plc announces N2.80 dividend for 2022 Financial Year

    BUA Cement Plc announces N2.80 dividend for 2022 Financial Year

    Obajana Cement Plant has commenced full operation – Dangote Cement Plc

    Dangote Cement Plc establishes new share buy-back programme

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    CJN Ariwoola disguised on wheelchair for a secret meeting with Bola Tinubu in London – Peoples gazette

    CJN Ariwoola disguised on wheelchair for a secret meeting with Bola Tinubu in London – Peoples gazette

    BREAKING: Ekweremadu, wife, doctor found guilty of organ trafficking

    BREAKING: Ekweremadu, wife, doctor found guilty of organ trafficking

    SEC sues Tron founder Justin Sun, Lindsay Lohan, other celebrities over crypto sales

    SEC sues Tron founder Justin Sun, Lindsay Lohan, other celebrities over crypto sales

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    Protest at all offices of the Central Bank – NLC directs workers

    Gov. Elections: INEC declares winner of Enugu State governorship election

    Gov. Elections: INEC declares winner of Enugu State governorship election

    How Labour Party won Abia State governorship election

    How Labour Party won Abia State governorship election

    Gov. Elections: Alex Otti of LP wins Abia State governorship election

    Gov. Elections: Alex Otti of LP wins Abia State governorship election

    JUST IN: ‘13 Parties’ threaten to pull out of 2023 Elections over naira redesign

    We will use all available sanctions against those who undermined Nigeria’s Polls – US

    INEC disowns online voter registration website

    INEC to resume collation of Gov. election results in Enugu and Abia state

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    CBN raises interest rate for the 6th consecutive time

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    List of Stockbrokers in Nigeria

    List of Stockbrokers in Nigeria

    MTN Nigeria to pay over N200 billion final dividend for 2022

    Custodian Investments Plc announces 55 kobo final dividend for 2022 FY

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Lost By 1.04%, as banking sector drops 1%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The Local Bourse declined by 0.42%, as FLOURMILL loses 5.92%

    Again DMO offers N360 billion FGN bond for February

    The DMO auctions 4 FGN Bonds worth N360bn in March

    Guaranty Trust Holding Company profit dips to N77.56 billion in H1 2022

    The NGX-ASI Declined by 0.12%, as GTCO loses 3.08%

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    Bitcoin rises over 18% as cryptos surge in renewed hope

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    FG agrees to pay $496 million as settlement claim for Ajaokuta Steel, others

    Seplat Energy Plc takes legal action against Orjiako

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Approval given for acquisition of International Energy Insurance Plc

    UBS agrees to buy troubled 167 years old rival, Credit Suisse

    Unilever Nigeria Plc Board of Directors approve Tea Business Separation Process

    Unilever Nigeria makes changes to its business model

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    Stanbic IBTC announced N2.00 final dividend for 2022 FY

    CEO of Ecobank Group to retire, new CEO announced

    Ecobank Transnational Incorporated announces delay in publication of 2022 result

    President Biden approves major Oil and Gas drilling project in Alaska

    President Biden approves major Oil and Gas drilling project in Alaska

    BUA Cement Plc announces N2.80 dividend for 2022 Financial Year

    BUA Cement Plc announces N2.80 dividend for 2022 Financial Year

    Obajana Cement Plant has commenced full operation – Dangote Cement Plc

    Dangote Cement Plc establishes new share buy-back programme

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Business

Ellah Lakes Plc is raising $40 million despite Zero Revenue in Current financial year

Sunday, 30 August 2020, 1:29 pm
in Business, Companies
0
Nigerian Agribusiness: The Export Potentials
Share Share Share Share Send as Email

Ellah Lakes Plc (NSE ticker – ELLAHLAKES), a palm-oil producer (formerly into fishing business) based in Edo state is meeting investors to raise $40 million for expansion purposes.

Palm oil producers in Nigeria have seen increasing demands in palm oil following government restrictions on imports in the country.

FG in its bid to encourage local oil palm production imposed a 35% tariff on imported palm oil.

Also, Central Bank added Palm kernel/Palm oil products/vegetables oils to a list of items that are ineligible for Foreign Exchange at the CBN’s Official Window.

Ellah Lakes’ Chief Executive Officer Chuka Mordi in a virtual interview in Lagos, said the company is raising $35 million by offering shares and debt as well as another 2.1 billion naira ($5.4 million) in equity to fund oil palm plantations, seedlings and fertilizer according to Bloomberg report.

Have you read?

  • Shares dominated in Q2 2020 Nigerian Capital Importation by sector
  • FCMB Projects N4.130 billion profit for Q4 ending 31 Dec. 2020

He said the company is looking to increase its oil palm from its current 2,300 hectares to 4,000 hectares by end of the year.

Nigeria accounts for about 1% of global output, producing 1 million tons annually and consuming about at 1.4 million tons, according to the United States Department of Agriculture.

Mordi said the raising of the capital started earlier this year through a private placement, but was halted due to the coronavirus pandemic, he added that the company is expecting some foreign investors when international travels resume.

Ellah Lakes will export some output to earn foreign exchange even though local demand is strong, according to the chief executive.

Half of the revenue will come from exports in the next three years “just to manage currency fluctuation,” he said. A slump in the price of crude oil cut revenue for the West African nation and hampered the ability of the central bank to meet the dollar requirements of companies for imports.

Financial performance of Ellah Lakes

Ellah Lakes did not record any revenue in the 2018 financial year, It reported only N70,000 revenue in the 2019 financial year and it has reported Zero revenue as at its third quarter of 2020 financial year for the period ended 30 April 2020 with an operating loss of N100.508 million.

The share price of Ellah Lakes flatlined on NSE at N4.26 per share since 2015, however on 18 December 2019, it slightly dropped to N4.25 per share where it has remained ever since.

The last on the Ellah Lakes was 990 units on 26 June 2020.

The last seven trades are shown below;

Source: NSE

New Acquisition

Ellah Lakes in a corporate action notification to the Nigerian Stock Exchange dated 19 August 2020 and signed by OAKE Legal, the company secretary, that it has entered into exclusive discussions with a counterparty regarding a potential transaction between the two parties.

The potential transaction relates to the purchase of 100% of the shares of an oil palm processing Company with substantial assets in Delta State.

Ellah Lakes however did not specify the name of the company it is acquiring.

About Ellah Lakes

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

It is listed on the Main Board of NSE under the Agriculture sector and Fishing/Hunting/Trapping sub-sector.

The company’s registered address is No 12,Ihama Road,G.R.A Benin-City, Edo State, Nigeria.

Written by;

Ifunanya Ikueze

Related Posts:

  • Ellah Lakes Plc goes fishing in Ghanaian Waters
    Ellah Lakes Plc goes fishing in Ghanaian Waters
  • Joint Venture between Ellah Lakes Plc and Ondo State Govt. for Cassava and Oil Palm Plantation
    Joint Venture between Ellah Lakes Plc and Ondo State Govt.…
  • Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA
    Ellah Lakes Plc subsidiary to boost soybean production in…
  • MTN Nigeria Plc reports N1.65 trillion revenue for 2021 financial year
    MTN Nigeria Plc reports N1.65 trillion revenue for 2021…
Previous Post

Shares dominated in Q2 2020 Nigerian Capital Importation by sector

Next Post

University Press Plc reports N2.065 billion Profit for FY 2020, declares 15kobo dividend

Next Post
University Press Plc reports N2.065 billion Profit for FY 2020, declares 15kobo dividend

University Press Plc reports N2.065 billion Profit for FY 2020, declares 15kobo dividend

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Thugs invade INEC office in Abia State.

Abia State House of Assembly election results – INEC

MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2023, qualification and payment dates

More than 70 feared dead as boat capsizes in Anambra

Anambra state House of Assembly election results

Gunmen invade Imo community, destroy properties

Imo state House of Assembly election results announced by INEC

CJN Ariwoola disguised on wheelchair for a secret meeting with Bola Tinubu in London – Peoples gazette

CJN Ariwoola disguised on wheelchair for a secret meeting with Bola Tinubu in London – Peoples gazette

BREAKING: Ekweremadu, wife, doctor found guilty of organ trafficking

BREAKING: Ekweremadu, wife, doctor found guilty of organ trafficking

SEC sues Tron founder Justin Sun, Lindsay Lohan, other celebrities over crypto sales

SEC sues Tron founder Justin Sun, Lindsay Lohan, other celebrities over crypto sales

FG agrees to pay $496 million as settlement claim for Ajaokuta Steel, others

Seplat Energy Plc takes legal action against Orjiako

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist