Ellah Lakes Plc held its Extraordinary General Meeting (EGM) on Friday July 25 where shareholders voted in favour of critical resolutions that mark a pivotal phase in the Company’s growth and strategic repositioning.

These include approval of the acquisition of a significant agricultural asset to expand Ellah Lakes’ operational footprint and processing capacity; authorisation to raise up to N250 billion in new equity capital, through a combination of public offering, private placement, or other equity issuance mechanisms to fund the strategic acquisition; and conversion of existing director/shareholder loans granted before July 25, 2025 into equity, further strengthening the Company’s capital structure and demonstrating internal stakeholder confidence in the long-term strategy.

At the EGM, the shareholders resolved for the company to increase the authorised share capital to such amount as may be determined by the Board of Directors ranking pari passu in all respects with the existing ordinary shares of the Company in order to accommodate the forthcoming capital raise and related transactions.

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Ellah Lakes Plc is a rapidly growing indigenous agribusiness company leading Nigeria’s agricultural transformation. Established in 1980 as a fish farming enterprise, the company underwent a strategic shift in 2019 following the acquisition of Telluria Limited. It repositioned itself as a vertically integrated agro-industrial player focused on crop cultivation, processing, and sustainable value creation.

Chuka Mordi, Managing Director/CEO, Ellah Lakes Plc while speaking after the meeting said: “The outcome of the EGM marks a powerful alignment between our shareholders and strategic vision. With acquisitions and capital raises now approved, we are set to deepen our operational footprint, scale efficiencies, and drive national food security impact. We anticipate adding N200 billion to our balance sheet and delivering measurable revenue growth by 2027.”

The company also shared updates on recent performance highlights, including the installation of a 5-ton Crude Palm Oil (CPO) processing mill which is currently undergoing commissioning and is expected to enhance in-house processing capacity, support downstream integration, and improve overall margin. The company has commenced commercial activities through the sale of Fresh Fruit Bunches (FFBs), marking a significant step toward early revenue generation from its agricultural assets.

Additionally, the company’s livestock diversification strategy has advanced with the operational launch of its piggery initiative. With over 300 pigs already acquired and supporting infrastructure in development, the project is positioned to provide affordable, locally produced protein to the Nigerian market, reinforcing Ellah Lakes’ commitment to sustainable and inclusive agri-industrial development.