Onome Amuge
Nigeria’s capital market took another step toward strengthening real-sector financing on Monday as Ellah Lakes Plc, the country’s leading integrated agro-industrial company, launched a N235 billion offer for subscription on the Nigerian Exchange Limited (NGX).
The move, one of the largest equity offerings by a non-oil company this year, marks a significant vote of confidence in the domestic capital market at a time when businesses face tight credit conditions and limited access to foreign exchange funding.
Under the offer, Ellah Lakes will issue 18.8 billion ordinary shares of 50 kobo each at N12.50 per share, with Rand Merchant Bank (RMB) acting as the lead issuing house. The subscription period opened on November 10, 2025, and is scheduled to close on December 5, 2025.
Speaking at the Facts Behind the Offer presentation in Lagos, Jude Chiemeka, chief executive officer of NGX, said the launch underscores the exchange’s evolving role as a conduit for private-sector expansion and economic diversification.
“The launch of this N235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a key enabler of corporate growth. It also reflects growing investor confidence in the exchange’s capacity to connect businesses with long-term capital while strengthening value creation across the agricultural value chain,” Chiemeka said.
For NGX, which has in recent years sought to attract more listings beyond traditional banking and energy sectors, the Ellah Lakes offer represents a breakthrough for the agribusiness segment, a sector widely seen as central to Nigeria’s non-oil growth strategy.
Chuka Mordi, chief executive officer of Ellah Lakes, described the equity raise as a pivotal step in the company’s evolution from a land-intensive agricultural operator to a fully integrated agro-industrial player.
“This offer is about unlocking the next chapter of Ellah Lakes’ growth story. We have built a resilient platform on more than 30,000 hectares of diversified assets. The N235 billion raise positions us to expand processing capacity, drive sustainable profitability, and advance Nigeria’s food security agenda,” Mordi said.
The company plans to deploy the proceeds toward the integration of its recently acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and the upgrade of its crude palm oil and cassava processing plants.
Paul Farrer, the company’s deputy managing director, said the funds would deliver a step-change in operational efficiency, enabling the company to scale production, optimise processing yield, and enhance shareholder value.
High domestic interest rates and weaker foreign investment flows have pushed Nigerian corporates to seek growth capital closer to home. Against this backdrop, Ellah Lakes’ N235 billion equity raise could emerge as a landmark transaction, highlighting how local market innovation is helping bridge the financing divide in critical productive sectors.
The offer closes on December 5, with results expected to be announced later in the month.
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