Ellah Lakes Plc has transitioned into an “execution-driven phase”, targeting massive scaling and deep value integration across its agricultural operations. The commitment was reaffirmed by stakeholders at the company’s 2026 Annual General Meeting held on Tuesday in Lagos.
Addressing shareholders, Chairman of the Board Joe Attueyi characterised the 2025 financial year as a defining period for the company. He highlighted the successful commissioning of the Crude Palm Oil mill at Iguelaba as a critical leap in the firm’s backward integration strategy.
He said, “Investors seek predictable returns, and we are entering a phase where our sustained investments are translating into tangible results.
“Our focus is now on scaling production, deepening processing capacity, and strengthening operational efficiency across our entire agricultural value chain.”
Despite a challenging macroeconomic environment marked by high capital costs and security concerns, the company reported a revenue of approximately N147m for its 17-month audited period ending December 2025, a significant jump from previous pre-revenue cycles.
The Chairman further detailed the company’s roadmap, specifically the development of a new 40-tonne-per-day Palm Kernel Oil processing mill, which is expected to be operational by the fourth quarter of 2026.
“The subscription levels of our recent operations tell us that when investors did their due diligence, what they found gave them confidence,” he added, referring to the company’s operational stability. “The upcoming PKO mill will deepen our value capture and expand our processing capacity, creating a more resilient operating structure.”
In a candid address regarding the company’s recent capital-raising efforts, Attueyi acknowledged the disappointment of the failed N235bn public offer, which was recently terminated after failing to meet the regulatory subscription threshold. However, he emphasised that the process provided invaluable market insights.
“The outcome was a calibration moment for us. It has informed our approach to future funding initiatives. We remain disciplined in exploring alternative funding pathways and strategic partnerships to support our growth agenda,” the Chairman noted.
During the meeting, shareholders approved several key resolutions, including the re-election of directors retiring by rotation, the amendment of the Articles of Association to allow for virtual or hybrid general meetings, and the ratification of Nnaemeka Obiakor as a Non-Executive Director.
The Board concluded the meeting by reaffirming its commitment to turning Ellah Lakes into a scalable agro-industrial powerhouse, focused on plantation expansion and securing high-value technical partnerships to accelerate the company’s learning curve as it scales.
