Under new ownership, Ellah Lakes Plc said it is on path of shareholders value creation by offering the investing public a diversified and efficiently managed base for risk calibrated agro-business returns.
Chuka Mordi, CEO, Ellah Lakes Plc disclosed this during the company’s “Facts Behind the Figures Presentation” on the Nigerian Exchange (NGX) Limited on Wednesday, May 26.
The Facts Behind the Figures Presentation was to intimate market stakeholders and shareholders on the future growth plans of Ellah Lakes Plc
He added that Ellah Lakes which offers investors opportunities to diversify their portfolio to include agri-business is also in the process of raising additional capital in the form of equities and debts to actualize short, medium and long term strategies.
“The company is a recapitalized business with improved solvency status and a tangible asset base in excess of N5billion”, the CEO noted. It targets significant land bank development with over 10,000 hectares under acquisition by end of second quarter (Q2).
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Ellah Lakes has set Q2’2021 target to complete Certificate of Occupancy (C of O) on 10,000 hectares of land with Ekiti and Ondo States.
Mordi noted that planting programmes for Soya bean, maize and cassava commences in Q4’2021 after completion of land preparation in Ekiti and Ondo.
In line with its medium-term plans, the company will be a diversified West Africa play with presence in four (4) Anglophone countries by Q4’2021; even as it pursues an off-take led commercial strategy with blue-chip, investment-grade counterparties; as well as diversified and fully integrated agriculture play across five crops – which includes cassava, starch, soya beans and maize.
An oil palm production company, Telluria Farms’ acquisition refocused the corporate mission of Ellah Lakes. The primary objective was to strengthen Company’s balance sheet, restore customer confidence, provide access to new markets, improve operations and create organizational efficiencies that will drive profitability and increase shareholders’ value. Telluria completed reverse acquisition of the company in 2019/2020, the company noted.
Ellah Lakes Plc was one of Nigeria’s foremost agriculture businesses, specialising in Fish Farming. It was incorporated on July 2, 1980 and was listed on the Nigerian Stock Exchange (NSE) on January 14, 1993. Telluria’s acquisition was in order to diversify its product offerings in the AgriBusiness sector.
