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Ellah Lakes Plc, an integrated agro-industrial company led by Nigerian executive Chuka Mordi, has unveiled plans to raise N235 billion ($163.4 million) via public offer in a move to fund its expansion across over 30,000 hectares of farmland in Enugu, Edo, Ekiti, and Ondo states.
Ellah Lakes sets bold growth path
Speaking at a recent briefing in Lagos, Mordi said the offer represents the next phase of growth for the company and its ambition to build one of West Africa’s strongest indigenous agribusiness groups. He described the capital raise as a deliberate step toward boosting capacity and creating long-term value for shareholders.
“This N235 billion capital raise is a definitive statement of intent,” Mordi said. “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.”
Chuka Mordi leads Ellah Lakes’ agribusiness overhaul
Founded in 1980 and headquartered in Benin City, Ellah Lakes has undergone significant transformation over the past five years.
Once focused mainly on fish farming, the company shifted toward large-scale crop production, particularly oil palm, following a 2019 strategic takeover by Telluria Limited, a firm co-led by Mordi. The leadership change has since paved the way for financial restructuring and renewed focus on integrated agribusiness.
Ellah Lakes under Chuka Mordi has raised capital through multiple channels, including a N2.9 billion ($2.01 million) rights issue in 2023 and a debt-to-equity conversion in 2024. These moves helped finance vital infrastructure, including the newly opened six-ton-per-hour crude palm oil mill and stabilize its balance sheet.
The upcoming $163.4 million equity raise will support further expansion, including new acquisitions, technological improvements and enhanced local processing capacity. Ellah Lakes has also diversified into cassava farming and piggery operations to boost revenue and reduce reliance on a single crop.
Ellah Lakes eyes sustainable growth in Nigeria
Deputy Managing Director Paul Farrer said the company’s 2024 acquisition of Agro-Allied Resources & Processing Nigeria Limited marked a key milestone in that strategy.
“This acquisition marked a pivotal moment for Ellah Lakes as we strengthen our foothold in Nigeria’s agribusiness sector,” he said. “ARPN brings a robust land bank and operational assets that align perfectly with our vision of vertical integration and sustainable growth. This will deliver value to all stakeholders as it delivers operational and financial scale immediately.”
With its renewed focus and growing asset base, Ellah Lakes is positioning itself as one of the few Nigerian agribusinesses combining local expertise, financial discipline, and large-scale industrial capacity to meet rising food and commodity demand across West Africa.
