Ellah Lakes has opened a NGN235bn ($164mn) public offer to finance the expansion of its palm oil and cassava businesses, issuing 18.8bn shares at NGN12.50 ($0.0087) each.
Ellah Lakes (NGX: ELLAHLAKES), a Nigerian integrated agro-industrial company, develops large-scale palm oil and cassava value chains across its farmland and processing assets to enhance local agricultural production and reduce import dependence. The company announced the offer in a statement, with the closing date set for December 5.
The company described the equity raise as a shift from foundational work to broad market expansion. The size and pricing of the offer signal plans to increase processing capacity and consolidate recently acquired operations. Management said the proceeds will support operational growth rather than debt repayment.
CEO Chuka Mordi said the offer marks “the next chapter of Ellah Lakes’ growth story,” highlighting more than 30,000 hectares of diversified assets and significant processing potential. He added that the transaction represents a move “from foundation building to full-scale market expansion.”
Deputy Managing Director Paul Farrer stated that the capital raised would speed up the integration of Agro-Allied Resources & Processing Nigeria Limited and support upgrades to crude palm oil and cassava processing facilities to deliver “a step-change in operational efficiency and scale.” He noted that the company has established a clear deployment strategy for the new funds.
Chief Executive Officer of the Nigerian Exchange, Jude Chiemeka, welcomed the offer as a sign of investor confidence in Nigeria’s capital markets, describing it as “an opportunity for investors to participate in agro-industrial growth while reinforcing the Exchange’s role in capital formation.'
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