Ellah Lakes Plc (NGX: ELLAHLAKES) has set sights on expansion and attainment of operational efficiency using the ₦232 billion proceeds of its capital raise.
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The agribusiness company is offering for subscription 18,800,000,000 Ordinary Shares of 50kobo each at ₦12.50 per share. Application list for the Ordinary Shares being offered opened today, November 10, 2025, and will close on December 05, 2025.
At close of trading on Monday, 10th November 2025, Ellah Lakes Plc has 3,858,173,678 ordinary shares, and a market capitalization of ₦42.63 billion as its share price closed at ₦11.05 per share.
Mode of offer for the shares shall be by way of Offer for Subscription. Applications must be for a minimum of 500 Ordinary Shares and multiples of 100 Ordinary Shares thereafter.
The Ordinary Shares being offered for subscription will rank pari-passu in all respects with the existing issued Ordinary Shares of the Company.
Application for the Shares can be made through NGX Invest (the “e-Offer Portal”) – the digital platform approved by SEC – or through any of the receiving agents listed on page 28 of this Abridged prospectus.
The e-Offer Portal will be open to all investors for the submission of applications (payment options will be provided on the e-Offer Portal), and open to the Issuing Houses and Receiving Agents for the submission of applications on behalf of investors. NGX Invest will be integrated with the Depository to ease the allotment and post-allotment settlement processes.
Completed physical Application Forms should be submitted (and the full investment amount paid) to any of the Issuing Houses or Receiving Agents listed on page 28 of the Abridged Prospectus, within the Offer Period up until 5:00 pm (WAT) on the Offer Close Date.
According to the Abridged Prospectus dated November 05, 2025, the proceeds of the capital raise will be used for the following. The next proceeds is estimated at ₦232,183,170,625.00, after the deduction of estimated Offer costs of ₦2,816,829,375.00 (which represent 1.2% of the Gross offer proceeds).
- ₦155.00 billion will be used for the immediate acquisition of an oil palm plantation.
- ₦45.00 billion will be used in the acquisition of an industrial High-Quality Cassava Flour (HQCF) processing plant, set to be completed in 12 months.
- ₦8.00 billion is set aside for setting up an Oil Palm Mill in the next 12 months.
- ₦8.00 billion will be used for Piggery Commercialization, set to be completed in 24 months.
- ₦16.18 billion is set aside as working capital over the next 48 months.
Ellah Lakes Plc is a rapidly growing indigenous agribusiness company leading Nigeria’s agricultural transformation. Established in 1980 as a fish farming enterprise, the Company underwent a strategic shift in 2019 following the acquisition of Telluria Limited. It repositioned itself as a vertically integrated agro-industrial player focused on crop cultivation, processing, and sustainable value creation.
Speaking during a comprehensive “Facts Behind the Offer” presentation at the Nigerian Exchange, the company said it is raising the capital to significantly fund strategic acquisitions and upgrade its processing facilities as part of its next phase of expansion and value creation.
Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, highlighted the strategic significance of the offer, saying, “This Offer for Subscription is not just about raising capital, it is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of ₦12.50 per share, this capital raise reflects the intrinsic value of our scaled, integrated platform. We are inviting investors to capitalise on a clear trajectory of growth, one that is built on over 30,000 hectares of resilient, diversified assets and robust processing capacity.
“The ₦235 billion equity expansion represents a capital phase that will transition Ellah Lakes from foundation building to full-scale market expansion, delivering sustainable profitability, returns on investment and advancing Nigeria’s food security and rural prosperity agenda.”
Paul Farrer, Deputy Managing Director, Ellah Lakes Plc elaborated on how the proceeds will be deployed, saying “Every naira from this raise has a clear strategic purpose, the capital will be deployed to accelerate the integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and to upgrade our Crude palm oil (CPO) mills and cassava processing facilities. Our strategy is clear: we are using this equity to achieve a step-change in operational efficiency and scale. This ensures we maximise the value of every hectare and secure a robust revenue stream for Ellah Lakes. This will deliver value to all stakeholders as it delivers operational and financial scale immediately.”
Ellah Lakes Plc has four subsidiaries:
- ELP Telluria (100% ownership),
- ELP Sunshine Limited (80% ownership),
- Adani Staple Crop Processing Zone Food Company Limited (65% ownership) and
- ELP Ekiti Limited (100% ownership).
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
