Ellah Lakes Plc, Nigeria’s leading integrated agro-industrial enterprise, has launched a ₦235 billion offer for subscription on the Nigerian Exchange Ltd. (NGX).
The offer marks one of the largest capital raises in the agribusiness sector, signaling the company’s next phase of expansion and a vote of confidence in Nigeria’s equity market.
The announcement was made during the “Facts Behind the Offer” presentation held at the Exchange in Lagos, underscoring NGX’s commitment to facilitating long-term financing for local businesses.
The ₦235 billion raise involves the issuance of 18.8 billion ordinary shares of 50 kobo each at ₦12.50 per share. Rand Merchant Bank (RMB) serves as the Lead Issuing House, with the offer opening on Monday, November 10, and closing on Friday, December 5, 2025.
Jude Chiemeka, Chief Executive Officer of NGX, commended Ellah Lakes for using the capital market as a platform for corporate growth. He said the ₦235 billion raise “underscored the strength and resilience of Nigeria’s capital market as a driver of corporate expansion.”
“At NGX, we are pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and create greater value,” Chiemeka said. “This Offer provides investors with an opportunity to participate in the country’s agro-industrial growth and signals renewed confidence in the Exchange.”
Ellah Lakes Chief Executive Officer, Chuka Mordi, described the offer as a defining moment in the company’s transformation. “This offer for subscription is about unlocking the next chapter of Ellah Lakes’ growth story,” he said. “At ₦12.50 per share, this raise reflects the intrinsic value of our integrated agricultural platform.”
Mordi added that investors are being invited to join a growth trajectory anchored on more than 30,000 hectares of diversified assets and robust processing capacity. “The ₦235 billion equity expansion marks our shift from foundation building to full-scale market expansion, advancing Nigeria’s food security agenda,” he explained.
Paul Farrer, Deputy Managing Director of Ellah Lakes, detailed how the funds will be utilized to accelerate integration and operational efficiency. “Every naira from this raise has a clear strategic purpose,” he said. “The proceeds will enhance integration of Agro-Allied Resources and Processing Nigeria Ltd. (ARPN) assets and upgrade our palm oil and cassava facilities.”
Farrer emphasized that the capital injection will enable the company to achieve greater efficiency and scale while creating long-term value for shareholders. “Our goal is to strengthen the agro-industrial ecosystem and deliver sustainable growth,” he noted.
The Ellah Lakes offer reinforces NGX’s role in connecting issuers with investors and driving corporate expansion through efficient access to capital. It provides both institutional and retail investors with a chance to participate in one of Nigeria’s most ambitious agro-industrial projects.
With this move, Ellah Lakes positions itself as a key player in Nigeria’s food production and processing sector—an industry crucial to national development and economic diversification.
