*Commences legal action against Olumide Akinsanya, Median Agro Limited over alleged encroachment in Edo State
WorldStage– Ellah Lakes Plc, Nigeria’s integrated agroindustrial company, has published its unaudited financial results for the six months ended 30 June 2026 with a revenue of ₦533.86 million, reflecting increased commercial activity across the Group’s operating platform and continued progress in scaling its commercial operations.
The first half of 2026 marked an important period in Ellah Lakes’ development, as the Company combined revenue growth with a significant strengthening of its capital structure and continued progress across key operating initiatives.
The company also completed the conversion of outstanding directors’ loans into equity, materially reducing leverage and providing a stronger financial platform for the next phase of operational execution.
With the balance sheet significantly strengthened, management’s focus is now on improving asset utilisation, increasing production throughput, expanding processing capacity and strengthening cash generation across the Company’s integrated agribusiness platform.
• Commercial Activity and Revenue Diversification
Ellah Lakes continued to build commercial activity across its operating platform during H1 2026, reflecting the gradual transition of its asset base into revenue-generating operations. This progress supports the
Company’s broader objective of developing a more diversified and cash-generative agribusiness model.
• Processing Expansion and Production Efficiency
Ellah Lakes continued to advance its processing strategy during the period through investments aimed at improving production reliability and deepening value capture across the palm value chain. The Company
procured a new press for its CPO Mill to enhance milling reliability and production efficiency, with the equipment expected to arrive in September 2026. Once installed, the new press is expected to support
improved throughput and stronger CPO production performance. Ellah Lakes also acquired the first set of expellers and presses for its Palm Kernel Oil (“PKO”) Mill, marking a key step in the expansion of its palm
kernel processing operations. Installation is expected to be completed by the end of the third quarter of 2026, after which the Company plans to commence production of Palm Kernel Oil and Palm Kernel Cake
(“PKC”). The ability to produce PKO and PKC is expected to broaden the Company’s product base, create additional revenue streams and improve value capture from palm kernel by-products that would otherwise have limited contribution within the value chain.
• Scaling Livestock Operations
Ellah Lakes has surpassed 1,000 pigs on its farm and commenced the sale of gilts, expanding the commercial contribution of its livestock operations through the supply of young female breeding pigs. This reflects
continued progress in developing the piggery business as an important operating vertical within the Company’s integrated agribusiness model.
• Strengthening the Capital Structure
During the period, Ellah Lakes completed the conversion of outstanding directors’ loans into equity, significantly improving the Company’s balance sheet. Share capital increased to ₦3.20 billion from ₦1.93
billion, while share premium increased to ₦14.03 billion from ₦8.20 billion. The conversion eliminated ₦7.08 billion in directors’ loans from the liability base, reducing total liabilities by 93.6% to ₦504.66 million. This has substantially reduced the Company’s leverage profile and improved its financial flexibility as it continues to execute the next phase of its operating plan.
• Land Asset Protection Update
During the period, Ellah Lakes commenced legal action against Olumide Akinsanya and Median Agro Limited in relation to alleged encroachment on part of the Company’s cultivated land in Iguelaba, Edo State. The
Company is pursuing appropriate legal remedies while continuing to safeguard its land assets and maintain focus on its operating priorities
Commenting on the results, Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc said: “The first half of 2026 was an important period in strengthening the foundations of our business. We recorded continued
revenue growth, completed a major balance sheet restructuring and advanced key operating initiatives across processing and livestock. These developments provide a stronger platform for Ellah Lakes as we continue to move deeper into commercial execution.
“Our immediate focus is to improve production reliability, restore stronger CPO Mill performance and complete the next stage of our processing roadmap. The planned replacement of the CPO press is an important step in improving milling efficiency, while the acquisition of PKO Mill equipment supports our broader objective of capturing more value across the palm value chain.
“We are also pleased with the continued scale-up of our livestock operations, which provides an important shortercycle revenue vertical within our integrated agribusiness model. As our plantation assets continue to mature, we remain focused on broadening our revenue base, improving operating efficiency, strengthening cash generation and building a more resilient platform for long-term shareholder value”
