News Wings

Tag: Ellah Lakes Plc

  • NGX Advances Capital Market Access with Ellah Lakes’ ₦235 Billion Equity Offer

    NGX Advances Capital Market Access with Ellah Lakes’ ₦235 Billion Equity Offer

    Nigerian Exchange Limited (NGX) has reinforced its role as a catalyst for capital formation with the launch of Ellah Lakes Plc’s ₦235 billion Offer for Subscription. The offer which was launched during a Facts Behind the Offer presentation at NGX, underscores the Exchange’s commitment to deepening access to long-term financing for businesses driving Nigeria’s real sector growth.

    Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, is raising ₦235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at ₦12.50 per share. The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, 10 November 2025, and will close on Friday, 5 December 2025.

    Speaking at the event, Mr. Jude Chiemeka, Chief Executive Officer of NGX, commended Ellah Lakes for leveraging the Nigerian capital market as a springboard for expansion: “The launch of this ₦235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth. At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain. This Offer represents not only an opportunity for investors to participate in the country’s agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation.”

    Mr. Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, described the Offer as a pivotal step in the company’s evolution: “This Offer for Subscription is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of ₦12.50 per share, this raise reflects the intrinsic value of our scaled, integrated platform. We are inviting investors to participate in a clear growth trajectory built on over 30,000 hectares of resilient, diversified assets and strong processing capacity. The ₦235 billion equity expansion marks our transition from foundation building to full-scale market expansion, driving sustainable profitability and advancing Nigeria’s food security agenda.”

    Mr. Paul Farrer, Deputy Managing Director of Ellah Lakes Plc, further detailed the company’s deployment strategy: “Every naira from this raise has a clear strategic purpose. The proceeds will accelerate integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and upgrade our crude palm oil and cassava processing facilities. Our goal is to deliver a step-change in operational efficiency and scale, maximising value for shareholders and contributing to the broader agro-industrial ecosystem.”

    The launch of the Ellah Lakes Offer for Subscription demonstrates NGX’s continued commitment to connecting issuers with investors and supporting companies across growth sectors in accessing efficient capital. The transaction offers institutional and retail investors a unique opportunity to participate in one of Nigeria’s most ambitious agro-industrial expansion stories, reinforcing NGX’s position as the exchange of choice for transformative financing.

  • Bears maintain grip on equities

    Bears maintain grip on equities

    This week, the equities market saw bearish sentiment prevailing in four out of five trading sessions, resulting in a marginal 35bps decline in the NGX All-Share Index (ASI) to close at 99,671.28 points. Consequently, market capitalization also decreased by 0.3% week-on-week to ₦56.4tn, while the year-to-date (YTD) return moderated to 33.3% from 33.8% previously.

    The disparity between the ASI’s decline and market capitalization was influenced by the technical suspension of trading in eight stocks, including Unity Bank, Mutual Benefits Assurance, and NPF Microfinance Bank, due to their failure to comply with exchange rules on earnings filing. Market activity showed improvement with average volume and value traded increasing by 22.4% and 173.5% week-on-week, reaching 553.1 million units and ₦17.0bn respectively. Fidelity Bank (726.5 million units),  Ellah Lakes Plc  (276.5 million units), and Veritas Kapital Assurance (86.0 million units) were the most actively traded stocks by volume, while Fidelity Bank (₦7.6bn), GTCO (₦3.7bn), and Zenith Bank (₦2.3bn) led in terms of value traded.

    A total turnover of 2.765 billion shares worth N85.23 billion in 40,796 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.26 billion shares valued at N31.17 billion that exchanged hands last week in 42,851 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.89 billion shares valued at N24.33 billion traded in 21,447 deals; thus contributing 68.42% and 28.54% to the total equity turnover volume and value respectively. The Agriculture Industry followed with 388.21 million shares worth N1.54 billion in 1,865 deals. The third place was the Utilities Industry, with a turnover of 121.61 million shares worth N50.61 billion in 627 deals.

    Trading in the top three equities namely Fidelity Bank Plc, Ellah Lakes Plc and Guaranty Trust Holding Company Plc (measured by volume) accounted for 1.335 billion shares worth N16.052 billion in 4,562 deals, contributing 48.29% and 18.83% to the total equity turnover volume and value respectively.

    In our coverage sectors, performance exhibited a mixed outcome with gains in two indices offset by losses in three others. The Oil and Gas index led gainers, rising by 1.38% week-on-week, driven by strong performances from ETERNA (+18.4%) and CONOIL (+8.3%). Similarly, the Industrial Goods index edged up by 5 basis points, supported by increased buying interest in stocks such as OMATEK (+9.2%), CUTIX (+10.0%), and WAPCO (+0.8%). Conversely, the Banking index emerged as the top decliner, declining by 2.08% week-on-week, attributed to selling pressure in WEMABANK (-5.7%), STERLING (-5.2%), and UBA (-4.0%). The Insurance and Consumer Goods indices also recorded marginal declines of 0.36% and 0.09% respectively, following losses in UNIVINSURE (-2.7%), NEM (-2.4%), CHAMPION (-7.0%), and INTBREW (-2.6%).

    Market breadth, a gauge of investor sentiment, remained at -0.1x, unchanged from the previous week, indicating a balance between stocks that gained, lost, and closed flat. Leading performers included LIVESTOCK (+27.0%), ABC Transport (+20.3%), and ETERNA (+18.4%), while notable underperformers included AFRIPRUD (-17.8%), THOMASWY (-10.0%), and PZ (-10.0%).