Ellah Lakes Plc, an indigenous agribusiness company, has reiterated its commitment to scaling production, deepening processing capacity, and strengthening operational efficiency across its entire agricultural value chain. The Chairman of the Board, Joe Attueyi, made this statement while addressing stakeholders at the company's 2026 Annual General Meeting held in Lagos. He underscored the successful commissioning of the Crude Palm Oil mill at Iguelaba as a critical leap in its backward integration strategy.
Attueyi noted that despite a challenging macroeconomic environment marked by high capital costs and security concerns, the firm reported a revenue of approximately N147 million for its 17-month audited period ending December 2025. This represents a significant jump from previous pre-revenue cycles. The Chairman further detailed the company's roadmap, specifically the development of a new 40-tonne-daily Palm Kernel Oil processing mill, which is expected to be operational by the fourth quarter of 2026.
“The subscription levels of our recent operations tell us that when investors did their due diligence, what they found gave them confidence. The upcoming PKO mill will deepen our value capture and expand our processing capacity, creating a more resilient operating structure,” Attueyi said.
The Board also reaffirmed its commitment to turning Ellah Lakes into a scalable agro-industrial powerhouse, focused on plantation expansion and securing high-value technical partnerships to accelerate the company's learning curve as it scales. At the meeting, stakeholders were presented with the company's annual reports and accounts, which contained its audited financial statements for the year ended 31 December 2025 and the reports of the directors, auditors, and audit committee.
According to the report of the external auditors, Olabode Akande & Co., contained within the book, Ellah Lakes' oil palm plantation has developed over five years and started producing fruit in 2025, marking a shift from a growing crop to a productive fixed asset. There were also resolutions at the meeting to re-elect directors retiring by rotation. Two of the directors, Dr Evans Jakpa-Johns and Mr Emmanuel Jakpa, were re-elected as directors after votes were cast physically and online. Mr Charles Anajemba and Mr Enotie Ogebor were voted out of office.
Other resolutions include: the reappointment of Olabode Akande & Co. as external auditors of the company, the authorization of the Board of Directors to fix the remuneration of the External Auditors, the disclosure of the remuneration of the managers of the company, and the election of the members of the company's statutory audit committee.
On his part, the CEO of Ellah Lakes Plc, Chuka Mordi, noted that the company has almost quadrupled last year's results in the first quarter of 2026, adding that it is an indication of the progress that has been made over the last five years. “We're finally producing crude palm oil. The sales we've recorded this quarter were all from crude palm oil. So we've made significant progress,” Chuka said. According to him, the next stage is the palm kernel oil mill, which the company plans to install in Q4 of the year. He explained that the springboard for this is the crops that the company is growing and the production.
