Ellah Lakes Plc (NGX:ELLAH) has published a prospectus for an Offer for Subscription to raise NGN235bn (about $150mn), marking one of the largest planned capital raises by a Nigerian agribusiness. The offer consists of 18.8bn ordinary shares priced at NGN12.50 each, with an application period running from November 10 to December 5, 2025, according to the company’s filing.
Net proceeds of NGN232.18bn ($148.3mn) are allocated across four categories. The prospectus assigns NGN155bn ($99mn) to the acquisition of an oil-palm plantation and NGN45bn ($28.7mn) to purchase a cassava-processing facility, positioning the company for a vertically integrated model across both crops. A further NGN16bn ($10.2mn) is earmarked for capital expenditure and NGN16.18bn ($10.3mn) for working-capital requirements.
The scale of the proposed raise represents a transformational shift relative to Ellah Lakes’ FY2025 size. The company reported revenue of NGN67.1mn (about $42,600) and total assets of NGN31.05bn ($19.8mn), underscoring the gap between current operations and planned expansion. The prospectus does not include detailed production-capacity projections for the targeted assets, which will be important for assessing execution risk and integration pace.
Sectorally, the proposed investment places Ellah Lakes in closer comparison with Nigeria’s listed oil-palm producers such as Presco and Okomu Oil, both of which operate larger mature plantations and integrated mills. The cassava-processing acquisition also aligns the company with the fast-growing starch and ethanol segments, though operational details and expected throughput were not disclosed.
Ellah Lakes stated that the deployment of funds is subject to full subscription, regulatory clearances and completion of the identified acquisitions. Additional clarification from SEC Nigeria on offer approval status, as well as further operational metrics, will be required for a full assessment of viability.
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