An integrated agribusiness giant upgrade

Nigeria’s agricultural sector is witnessing a transformative shift, and at the forefront of this evolution is Ellah Lakes Plc. Following regulatory approval from the Securities and Exchange Commission (SEC), the pioneer integrated agro-industrial company is set to list additional shares on the Nigerian Exchange Limited (NGX).

This strategic move, announced at a press conference on th 6th of November, signals the culmination of a multi-year repositioning effort and the start of an aggressive expansion phase.

As stated by Mr Chuka Mordi, Chief Executive Officer, Ellah Lakes Plc, “This ₦235 billion capital raise is a definitive statement of intent. It is our commitment to our shareholders to deliver economies of scale, market resilience, and long-term value creation.

We are confident that by deploying this capital effectively and executing our clear strategy, Ellah Lakes will solidify its position as the undisputed leading indigenous agro-industrial giant in West Africa.”

A Grandmaster’s Strategy for Agro-Industrial Dominance

Ellah Lakes has adopted a distinctive, multi-dimensional positioning strategy across Nigeria’s vast agricultural landscape.

The company controls over 30,000 hectares of land assets, strategically diversified across four states—Enugu, Edo, Ekiti, and Ondo. This geographic spread is not accidental; it captures varied climatic advantages essential for multi-crop operations and significantly mitigates regional risks, ensuring operational stability.

Vertical Integration: Controlling the Value Chain

A cornerstone of Ellah Lakes’ new strategy is robust vertical integration. The commissioning of its 6-ton-per-hour Crude Palm Oil (CPO) mill is a critical step, allowing the company to control processing nodes and reduce dependence on third parties.

This capability is key to building a more resilient, scalable revenue model less susceptible to external supply chain shocks.

Furthermore, the company has engineered resilience through diversified revenue streams. Its cash flow model is deliberately staggered, combining the long-term returns from oil palm investments with medium-term cash flow from cassava cultivation and more immediate returns from piggery operations.

This approach provides a crucial buffer against the commodity price volatility that typically affects sector competitors with heavy reliance on monoculture.

M&A and Capital Raises: Engineering Scalability

Ellah Lakes’ transformation is a case study in how targeted mergers, acquisitions, and prudent financing can reshape a company’s trajectory in a capital-intensive industry.

The journey began with the pivotal 2019 reverse acquisition by Telluria Limited, which injected valuable oil palm assets and expertise, laying the intellectual foundation for vertical integration.

This foundation has been dramatically scaled by strategic acquisitions, including the recently announced purchase of 100% shareholding of Agro-Allied Resources & Processing Nigeria Limited (ARPN).

This deal brought in significant assets, including 11,783 hectares of cultivated land, 2,093 hectares of cassava, and over 10,000 hectares of uncultivated land, cementing Ellah Lakes’ position as a major landholder.

Prudent financing, including the 2023 ₦2.9 billion rights issue and the late 2024 debt-to-equity conversion, has provided the essential liquidity to secure assets and commission major facilities.

The $235 Billion Infusion: Aggressive Growth Ahead

The climax of the company’s recent announcements was the shareholder approval for a substantial ₦235 billion capital raise in 2025. The funds are earmarked for strategic initiativesincluding upgrading processing facilities and funding further strategic acquisitions that will dramatically expand operational capacity.

This monumental capital raise signals Ellah Lakes’ shift from a rebuilding phase to one of technological differentiation and large-scale growth, firmly aligning its future with Nigeria’s agricultural transformation agenda.

Ellah Lakes is using the NGX floor to launch its next phase, positioning itself as an integrated giant ready to lead the future of West African agribusiness.