One of Ellah Lakes‘ expansion goals is to rank among Nigeria’s top five producers and processors of oil palm.


With ambitions to breed more than 5000 pigs and produce 500 tonnes of pork annually to service the Southwest and South-South subregions, the company also hopes to turn a profit from its livestock piggery endeavor by the end of the year.

According to the statement available to BrandSpur business and economy news desk, this would be accomplished by partnering with a respectable management firm to supervise the upkeep of the farmland and pig farm in Iguelaba Community, Orhionmwon Local Council, Edo State, making sure that they use their experience to maximise the new opportunity.



In his remarks during the company’s annual general meeting in Lagos, Mr. Joe Attueyi, Chairman of the Board of Directors of Ellah Lakes, revealed that the company is actively working to innovate and diversify its operations. According to him, Nigerian agriculture and agribusiness have been significantly impacted by the current macroenvironment. With a GDP growth rate of only 3.19 percent and an inflation rate of 32.70 percent, we are currently negotiating a minefield.

He went on to say: “The agricultural sector, which is vital for our food security and employment, has been particularly affected, with reduced access to finance and fluctuating commodity prices creating a challenging landscape for businesses like ours. At Ellah Lakes, we believe in turning challenges into opportunities and we are also determined to thrive amidst these challenges.


“In the past year, we have made significant changes, including appointing two new directors, Mr. Emmanuel Jakpa and Mr. Kofo Majekodunmi, which signal our commitment to governance and operational excellence,” he added.

Continuing, he emphasised that the company’s successful completion of its rights issue strengthens its financial base and positions it for future expansion, saying: “We are also changing our year-end date from July 31 to December 31. This adjustment will align our reporting dates with many companies in Nigeria, and I encourage you all to support this resolution, which is on our agenda today.

“As we look ahead, we are committed to innovating our farm structures and scaling our operations to meet the growing demands of the agricultural sector. The path forward may be fraught with challenges, but we believe in the resilience of our company and the potential for growth within Nigeria’s agricultural landscape,” he added.

However, the AGM also saw the re-appointment of board directors and the election of shareholders’ representatives to the statutory audit committee.

SOURCE:https://brandspurng.com/2024/12/11/ellah-lakes-pushes-to-climb-the-ladder-of-nigerias-top-5-producers-palm-oil-processor/