Chuka Mordi, the Chief Executive Officer of Ellah Lakes Plc, has provided some clarifications on the company’s inability to generate significant revenue for some years.
He highlighted during the company’s extraordinary general meeting that, after joining the company in 2019, it had to recapitalise and rebuild its operations.
“When we assumed control, the company was insolvent. We had to recapitalise to stay afloat… Over the past three years, the company has injected several billion naira into rebuilding operations, with every naira going toward capital investments such as milling facilities and competitive production infrastructure.”