Ellah Lakes Plc has announced the successful conclusion of its 2025 Extraordinary General Meeting (EGM), during which shareholders approved a series of strategic resolutions aimed at strengthening the company’s capital base, expanding operations, and deepening its footprint in Nigeria’s agribusiness sector.
The meeting, held on Friday, July 25, 2025, at the Conference Centre, Naval Dockyard, Victoria Island, Lagos, saw shareholders give their backing to critical initiatives, including the acquisition of a major agricultural asset designed to boost processing capacity and national food security.
Key Resolutions
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Approval of ₦250 Billion Capital Raise: Shareholders authorized the Board to raise up to ₦250 billion through a mix of public offering, private placement, or other equity issuance mechanisms to fund the strategic acquisition.
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Conversion of Shareholder Loans: Existing director and shareholder loans granted before July 25, 2025, will be converted into equity, reinforcing the company’s capital structure and signaling strong insider confidence.
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Increase in Authorized Share Capital: The Board was empowered to increase authorized share capital to accommodate the forthcoming capital raise, with new shares ranking pari passu with existing ordinary shares.
Management Commentary
Chuka Mordi, Managing Director/CEO of Ellah Lakes Plc, described the outcome as a landmark in the company’s growth trajectory.
“The outcome of the EGM marks a powerful alignment between our shareholders and strategic vision. With acquisitions and capital raises now approved, we are set to deepen our operational footprint, scale efficiencies, and drive national food security impact. We anticipate adding ₦200 billion to our balance sheet and delivering measurable revenue growth by 2027,” Mordi said.
Operational Updates
The company also highlighted recent milestones, including:
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Installation of a 5-ton Crude Palm Oil (CPO) Processing Mill: Now undergoing commissioning, the facility will enhance in-house processing, support downstream integration, and improve margins.
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Commencement of Commercial Fresh Fruit Bunch (FFB) Sales: This marks a significant step toward early revenue generation from core agricultural assets.
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Livestock Diversification: Launch of a piggery initiative with more than 300 pigs acquired and infrastructure under development. The project is positioned to provide affordable, locally produced protein to the Nigerian market.
Corporate Profile
Founded in 1980 as a fish farming enterprise, Ellah Lakes transitioned into a vertically integrated agro-industrial company following its 2019 acquisition of Telluria Limited.
The company’s operations now span oil palm, cassava, maize, and soybean cultivation, as well as edible oils, animal feed, biofuels, and agro-processing.
Headquartered in Benin City, Edo State, Ellah Lakes Plc is pursuing its vision of becoming West Africa’s leading indigenous agribusiness.
