NGX boosts capital market access with Ellah Lakes’ N235bn equity offer

Nigerian Exchange Limited (NGX) has reinforced its role as a catalyst for capital formation with the launch of Ellah Lakes Plc’s ₦235 billion Offer for Subscription, highlighting the Exchange’s commitment to expanding access to long-term financing for businesses driving Nigeria’s real sector growth.

Ellah Lakes, a pioneering integrated agro-industrial enterprise, is raising ₦235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each, priced at ₦12.50 per share. The offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, 10 November 2025, and will close on Friday, 5 December 2025.

At the launch during the Facts Behind the Offer presentation at NGX, Jude Chiemeka, CEO of NGX, praised Ellah Lakes for leveraging the Nigerian capital market to scale operations. “This ₦235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth. Seeing a leading indigenous agribusiness harness the market to expand operations and create value across the agricultural value chain is particularly encouraging. This offer signals renewed investor confidence in NGX as a gateway for transformative capital formation,” he said.

Chuka Mordi, CEO of Ellah Lakes Plc, described the offer as a milestone in the company’s growth. “At ₦12.50 per share, this raise reflects the intrinsic value of our integrated platform. We invite investors to join a clear growth trajectory, built on over 30,000 hectares of diversified assets and strong processing capacity. The ₦235 billion equity expansion marks our transition from foundation building to full-scale market expansion, advancing sustainable profitability and Nigeria’s food security agenda,” he said.

Paul Farrer, Deputy Managing Director of Ellah Lakes, explained the strategic deployment of the proceeds: “Every naira raised will accelerate the integration of Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and upgrade our crude palm oil and cassava processing facilities. Our goal is to achieve step-changes in operational efficiency and scale, maximising shareholder value while strengthening the agro-industrial ecosystem.”

The launch of Ellah Lakes’ offer demonstrates NGX’s ongoing commitment to connecting issuers with investors and supporting companies across growth sectors. The transaction offers institutional and retail investors an opportunity to participate in one of Nigeria’s most ambitious agro-industrial expansions, reinforcing NGX’s position as the exchange of choice for transformative financing.