Nigeria’s capital market has strengthened its position as a key driver of economic growth, with the Nigerian Exchange Group (NGX) facilitating a record ₦7.3 trillion capital mobilisation across asset classes in the past year.
The NGX Chief Executive Officer, Jude Chiemeka, disclosed this during a presentation by Ellah Lakes Plc, a leading agribusiness company, on its ₦233 billion public offering in Lagos.
Chiemeka said the milestone underscores the market’s growing depth, resilience, and investor confidence amid ongoing economic reforms.
“The ₦7.3 trillion raised across equities, fixed income, exchange-traded funds, and other instruments reflects our market’s maturity and its alignment with Nigeria’s economic transformation agenda,” he said.
Ellah Lakes unveiled plans to raise ₦233 billion from the capital market to fund its expansion and strategic acquisitions.
Managing Director Chuka Mordi explained that the company’s turnaround followed years of restructuring and investment in sustainable agribusiness projects, especially oil palm cultivation and processing.
“Five years ago, Ellah Lakes was insolvent. We focused on rebuilding, planting, and restructuring. That period has paid off. Our plantations are now producing viable fresh fruit bunches, and our oil mill has started operations,” Mordi said.
The public offer is priced at ₦12.50 per share, reflecting the intrinsic value of recent acquisitions and projected revenue potential.
The company plans to issue 18 billion new shares, bringing total shares to just over 21 billion. Mordi projected full-year revenues of ₦24 billion following the expansion, citing disciplined execution, research, and high-yielding oil palm varieties.
CFO Hewett Benson said investors recognise Ellah Lakes’ growth potential, noting that the expansion is scalable and sustainable. “Our strategy is backed by solid fundamentals and a long-term vision for agribusiness growth in Nigeria,” he said.
Chiemeka commended the company for leveraging the capital market to secure long-term funding.
“This story shows how the Exchange can power real-sector transformation, moving companies from insolvency to innovation, while supporting growth and job creation,” he added.
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