The Nigerian Exchange Group (NGX) touted a staggering N7.3 trillion ($4.4 billion) in capital inflows over the past year on Tuesday, framing the windfall as a cornerstone of the nation’s economic rebound during the launch of agribusiness firm Ellah Lakes Plc’s N233 billion public share offer.
The milestone, spanning equities, bonds, exchange-traded funds and beyond, was unveiled by NGX chief Jude Chiemeka amid fanfare for Ellah Lakes’ bold pivot from near-collapse to a burgeoning powerhouse in palm oil production, spotlighting the exchange’s knack for fueling real-sector lifelines.
“This is exactly the kind of story we want to tell — a company moving from insolvency to innovation, using the Exchange to power growth and job creation,” Chiemeka declared, lauding the N7.3 trillion surge as “a testament to our market’s growing maturity and its alignment with Nigeria’s economic transformation agenda.”b9e802
Ellah Lakes, which five years back teetered on the brink with a worthless ledger, now eyes N24 billion in annual revenues post a sweeping acquisition spree, thanks to maturing plantations yielding fresh fruit bunches and a humming oil mill.
Managing Director Chuka Mordi recounted the gritty climb, saying: “Five years ago, when we began this journey, Ellah Lakes was an insolvent company with no viable balance sheet. We asked shareholders for patience as we focused on rebuilding, planting, and restructuring the business. That investment period has paid off.”c51c21
The fresh offering dangles 18 billion new shares at N12.50 apiece, swelling the total float to over 21 billion and backed by forensic vetting from heavyweights like Deloitte and PwC. “Oil palm takes about four years to mature and begin production. We’ve reached that critical point… The future is bright, and this public offer will strengthen our balance sheet to expand even further,” Mordi added, billing the deal as “deeply value-accretive” and a “transformational step” for enduring shareholder gains.b90be1
Chief Financial Officer Hewett Benson echoed the optimism, noting the market’s savvy nod to scalable synergies: “The acquisition we’re undertaking mirrors our current stage of development, which makes it scalable and sustainable. Once we replicate our palm oil mill model there, revenues will multiply.”542a01
Chiemeka, underscoring NGX’s broader mandate, affirmed: “The NGX has continued to play a pivotal role in mobilising capital to finance productive sectors of the economy,” a nod to innovations in governance and transparency that could sustain the rally amid President Bola Tinubu’s reform push.
For Ellah Lakes, the infusion promises to supercharge job rolls in Africa’s top palm oil arena, while the NGX’s trillion-scale flex signals investor faith in a bourse battered but unbowed by global headwinds, eyeing deeper listings to anchor Nigeria’s growth narrative.
