The Nigerian Exchange Limited (NGX) has once again reinforced its role as the primary platform for capital formation and business expansion with the launch of Ellah Lakes Plc’s ₦235 billion Offer for Subscription. The equity raise, unveiled during a “Facts Behind the Offer” presentation at NGX, highlights the Exchange’s strategic commitment to fostering sustainable financing avenues for companies driving Nigeria’s real sector and agricultural transformation.
Ellah Lakes Plc — Nigeria’s leading integrated agro-industrial company — is offering 18.8 billion ordinary shares of 50 kobo each at ₦12.50 per share. The Offer, which opened on Monday, November 10, 2025, and closes on Friday, December 5, 2025, is led by Rand Merchant Bank (RMB) as the Lead Issuing House. The capital raise is expected to strengthen Ellah Lakes’ operational capacity, expand its production base, and position it as a key enabler of Nigeria’s food security and export diversification agenda.
Speaking at the event, Mr. Jude Chiemeka, Chief Executive Officer of NGX, lauded Ellah Lakes for leveraging Nigeria’s capital market to scale its growth ambitions.
“The launch of this ₦235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth,” he stated. “At NGX, we are pleased to see a leading indigenous agribusiness like Ellah Lakes harness the power of the market to expand its footprint across the agricultural value chain. This Offer represents not only an opportunity for investors to engage in Nigeria’s agro-industrial expansion but also a testament to the Exchange’s growing role as a gateway for transformative capital formation.”
Ellah Lakes’ Chief Executive Officer, Mr. Chuka Mordi, described the Offer as a milestone in the company’s evolution, signaling its transition from consolidation to accelerated market expansion.
“This Offer for Subscription is about unlocking the next chapter of Ellah Lakes’ growth story,” Mordi explained. “At an offer price of ₦12.50 per share, this raise captures the intrinsic value of our integrated operations. We are inviting investors to participate in a clear growth trajectory built on more than 30,000 hectares of diversified, resilient assets and robust processing capacity. The ₦235 billion equity expansion positions us to deliver sustainable profitability and advance Nigeria’s food security objectives.”
Also speaking, Mr. Paul Farrer, Deputy Managing Director of Ellah Lakes Plc, emphasized the company’s strategic deployment of proceeds to accelerate industrial integration and processing capacity.
“Every naira from this raise has a defined purpose,” he said. “We will use the funds to complete the integration of the Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and modernize our crude palm oil and cassava processing plants. These investments will significantly enhance efficiency, scale production, and maximize value for shareholders while boosting Nigeria’s agro-industrial ecosystem.”
The Ellah Lakes equity offer, anchored by NGX’s robust platform, signals renewed investor confidence in Nigeria’s capital market. It also underscores the Exchange’s mission to connect issuers and investors in driving inclusive economic growth across key sectors.
As Nigeria accelerates efforts toward agricultural self-sufficiency and industrial diversification, NGX continues to play a pivotal role in mobilizing long-term financing for businesses shaping the nation’s future.
NGX advances Nigeria’s capital market with the launch of Ellah Lakes Plc’s ₦235 billion equity offer to fund large-scale agro-industrial expansion and boost food security.
