Ellah Lakes Plans N235bn Capital Raise, Sets 2026 Dividend Target

Ellah Lakes Plc has outlined plans to raise N235 billion from the Nigerian Exchange Limited (NGX) to drive the next phase of its integrated agro-industrial expansion, with the Company targeting its first dividend payout to shareholders by 2026.

The announcement was made on Monday during the firm’s “Facts Behind the Offer’’ presentation at the NGX in Lagos.

According to the Company, the fresh capital will support strategic acquisitions, strengthen processing capacity and consolidate its long-term value creation programme.

Under the offer, Ellah Lakes will issue 18.8 billion ordinary shares of 50 kobo each at N12.50 per share. The Offer for Subscription is scheduled to open on 10 November 2025 and close on 5 December 2025. Rand Merchant Bank (RMB) is serving as Lead Issuing House.

Chief Executive Officer of Ellah Lakes Plc, Mr. Chuka Mordi, said the capital raise marks a major step in repositioning the Company for large-scale growth.

He noted that the equity expansion is designed to unlock operational efficiency and maximise the value of the Company’s over 30,000 hectares of diversified agricultural assets.

“At N12.50 per share, this offer reflects the intrinsic value of our platform and the scale we are building. This N235 billion raise transitions Ellah Lakes from foundation building to full market expansion, ensuring sustainable profitability and strengthening Nigeria’s food security agenda,” Mordi said.

Deputy Managing Director, Mr. Paul Farrer, explained that the proceeds will be channelled into integrating recently acquired assets of Agro-Allied Resources & Processing Nigeria Limited (ARPN), as well as upgrading crude palm oil and cassava processing facilities.

“Our priority is a step-change in efficiency and scale. Every naira deployed will enhance output, improve revenue streams and deliver immediate operational benefits,” he said.

Chief Executive Officer of NGX, Mr. Jude Chiemeka, commended the initiative, describing the capital raise as a strong demonstration of confidence in Nigeria’s capital market.

He said the transaction provides an opportunity for investors to participate in the growth trajectory of one of the country’s leading agro-industrial players.

The Offer for Subscription is expected to attract institutional and retail investors seeking long-term value in Nigeria’s expanding agricultural value chain.