Ellah Lakes Aims for Top Five Spot in Nigeria’s Palm Oil Industry

Ellah Lakes, a prominent player in Nigeria’s agricultural sector, has outlined a bold growth strategy aimed at becoming one of the top five oil palm producers and processors in the country. The company, which is focused on expanding its agricultural footprint, also has plans to venture into the livestock industry by the end of the year, with an ambitious piggery project in the works. The goal is to breed over 5,000 pigs and produce 500 tons of pork annually to cater to the Southwest and South-South regions of Nigeria.

The company has strategically chosen the Iguelaba Community in Orhionmwon Local Government Area, Edo State, for its piggery project. Ellah Lakes intends to partner with a reputable management company to ensure optimal operations on its farmland and livestock farm. This collaboration aims to leverage expertise in maintaining high standards in both farming and livestock management, laying the foundation for success in their diversified agricultural business.

Mr. Joe Attueyi, Chairman of the Board of Directors of Ellah Lakes, made this announcement at the company’s Annual General Meeting (AGM) held in Lagos. He highlighted the challenges the company faces, stemming from Nigeria’s current macroeconomic environment. With inflation at a staggering 32.7% and a GDP growth rate of just 3.19%, Attueyi emphasized how these factors have created a tough operating environment for businesses, particularly in the agriculture and agribusiness sectors.

“The agricultural sector, which is vital for our food security and employment, has been particularly affected,” Attueyi said. “With reduced access to finance and fluctuating commodity prices, the landscape for businesses like ours is challenging. However, at Ellah Lakes, we see these challenges as opportunities and are determined to thrive.”

In the past year, Ellah Lakes has made several key changes to strengthen its governance and operational capabilities. Two new directors, Mr. Emmanuel Jakpa and Mr. Kofo Majekodunmi, were appointed to signal the company’s commitment to operational excellence and governance standards. Attueyi also revealed that the company successfully completed its Rights Issue, which solidifies its financial foundation and positions Ellah Lakes for future growth.

Another significant change announced at the AGM was the shift in the company’s financial year-end date from July 31 to December 31. This adjustment aligns the company’s reporting cycle with many other companies in Nigeria, a move that is expected to streamline operations and provide a clearer financial overview for investors.

Looking ahead, Ellah Lakes remains focused on innovation and expansion. The company is committed to improving its farm structures and scaling its operations to meet the increasing demand within the agricultural sector. While acknowledging the challenges, Attueyi expressed confidence in the company’s resilience and its ability to capitalize on opportunities within Nigeria’s agricultural landscape.

The AGM also saw the election of shareholder representatives to the statutory Audit Committee and the re-appointment of directors to the board, further cementing the company’s strategic direction for sustained growth in Nigeria’s ever-evolving agricultural sector.

Ellah Lakes’ strategic expansion into oil palm and livestock production directly supports Nigeria’s goals of agricultural diversification and self-sufficiency. By increasing local pork production and oil palm processing, the company aims to reduce the nation’s reliance on imports, bolster domestic food supply chains, and create jobs. This move is poised to ease Nigeria’s financial strain from palm oil imports while enhancing food security. Through its governance improvements and financial investments, Ellah Lakes is strengthening the resilience of Nigeria’s agricultural sector, positioning itself as a key driver of economic growth amidst ongoing challenges.

Tags: Nigeria, oil palm, food security, livestock sector, agricultural sector, Ellah Lakes, pork, Production, Pigs