Ellah Lakes, a key player in the agricultural sector headquartered in Nigeria, is set to raise 5 billion Nigerian naira ($6 million) through an equity issue, as approved by shareholders. The Board of Directors has been granted authority to conduct a private placement or alternative equity offering, subject to regulatory approvals. In a significant development, Ellah Lakes has secured a Memorandum of Understanding with the Enugu State Government, obtaining a 35-year lease for a 5,000-hectare farm in Adani, Enugu. Additionally, the company has acquired a three-ton-per-hour crude palm oil mill for installation at its farm in Iguelaba, Edo State, with completion expected by the second quarter of 2024. This move marks a positive stride for Ellah Lakes, demonstrating resilience amid challenges and progress towards operational goals.
The successful execution of the equity issue aligns with the company's commitment to growth and development. The strategic partnerships and acquisitions underscore Ellah Lakes' dedication to advancing its agricultural initiatives and contributing to the economic landscape.