Establishing integrated agribusinesses in Nigeria
The Management of Ellah Lakes is at the Nigerian Exchange as it addresses market stakeholders with a fact behind the rights issue presentation. Chuka Mordi, CEO of Ellah Lakes and Jamie Rixton, Chief Agronomist at Ellah Lakes joins CNBC Africa for more on investment opportunities as the company explores strategies to advance food security and sustainability in Nigeria.
Thu, 19 Oct 2023 14:19:11 GMT
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AI Generated Summary
- Ellah Lakes aims to de-leverage and raise funds for operational and capital expenditures through a 2.9 billion Naira rights issue, signaling a strategic shift towards a diversified agribusiness model.
- The company's focus on large scale farming across multiple sites in Nigeria, coupled with community involvement initiatives, reflects a commitment to sustainable agricultural practices and community upliftment.
- Ellah Lakes' emphasis on key crops like oil palm, soya bean, and rice, as well as expansion plans in the edible oil space, demonstrates a strategic approach to meeting growing demand and adding significant value to Nigeria's agribusiness sector.
Ellah Lakes, a key player in the agribusiness sector, recently made a significant move by addressing market stakeholders at the Nigerian Exchange through a rights issue presentation. The company's CEO, Chuka Mordi, and Chief Agronomist, Jamie Rixton, shared insights on their strategic plans and the reasons behind the rights issue. The move to raise 2.9 billion Naira through the rights issue aims to de-leverage the company and secure funds for operational and capital expenditures in the short to medium term. This financial strategy is pivotal as Ellah Lakes transitions towards a more diversified agribusiness model. Jamie Rixton highlighted the company's focus on large scale farming across multiple sites in Nigeria, emphasizing community involvement and upliftment through agricultural initiatives. Ellah Lakes has also applied for a special economic zone status, aligning with their input substitution strategy and prioritization of key crops like oil palm, soya bean, and rice. The company's expansion plans in the edible oil space, driven by soya bean cultivation, signify their commitment to meeting growing demand and adding value to Nigeria's agribusiness sector. Ellah Lakes' dedication to technology-driven farming practices and knowledge sharing with local farmers underscores their holistic approach to sustainable agricultural development in Nigeria. The company's comprehensive vision for growth and sustainability bodes well for the future of agribusiness in Nigeria.
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