Ellah Lakes Plc is placing a bold bet on Nigeria’s oil palm industry with the launch of its N235 billion public offer. This is a move, the company says will fund its transformation into one of Nigeria’s top five palm oil producers.
The agro-allied company is projecting a profit of N113.9 billion from its newly acquired Agro-Resources and Processing Nigeria Limited (ARPN) asset by 2030, alongside an estimated revenue of N167 billion. By 2026, following full integration of ARPN, Ellah Lakes expects to generate around N24 billion from that outfit, an outcome that will bring significant relief to its promoters.
Speaking during the company’s Fact Behind the Offer presentation at the Nigerian Exchange (NGX), Managing Director Chuka Mordi spoke about the long-term value the raise would propel. According to him, post-acquisition, Ellah Lakes “will have a total land bank of 34,000 hectares,” and in the next five years, they “expect to be going towards 200 billion Naira in terms of revenue”