Gets shareholders’ approval to raise N5b via private placement
An indigenous agribusiness company – Ellah Lakes Plc, has expressed its resolve to build storage silos, capable of storing up to 100 metric tonnes of rice, soybean and maize.
At the company’s yearly General Meeting (AGM) in Lagos, where the announcement was made, the shareholders also approved the management’s decision to raise up to N5b by way of private placement.
Speaking to shareholders at the AGM, the Chairman of the company, Mr. Olumide Akpata, said the 2022/2023 fiscal year was a very challenging time due to the ongoing security situation in the country, cash shortage in the first quarter of 2023, the suspension of petrol subsidy payments, monetary tightening by the Central Bank – all leading to the persistent inflation in the country.
He said the company, however, was able to overcome the challenges and got the approval of the security and exchange commission for N2.9b right issue.
Represented by the Chairman, Statutory Audit Committee, Ms Osaro Oyegun, Akpata said a lot of works had gone into operationalising its collaboration with the International Institute for Tropical Agriculture (IITA), Ibadan and USAID trade and investment hub on improving industry access to soybean seed across Nigeria by planting high Fielding (3.5t/ha) soybean varieties.
“With regards to security, we are taking all the necessary actions to ensure the safety of our farms and workers to prevent and minimise the risk of crop loss so that our business continues to grow. We have engaged security personnel to secure our farm and are working with the local community to ensure the safety of our crops and workers.”
Speaking on the future of the organisation and how it will boost agriculture in the country, he said: “Whilst we finish completion of the installation of the CPO mill, we also intend to cultivate soybeans and maize in the very near future. We expect to commence our mill operations in 2024 and to commence planting of soybean within the year.”
The company reveals that since its engagement in fish farming and agricultural related activities in 2016, it has implemented its transformation into a vertically integrated diversified agro business company with its focus on oil palm, cassava, soybean and maize.
