Ellah Lakes to Raise $40m to Enhance Oil Palm Investment

Business News

Ellah Lakes Plc, a palm oil producer is meeting investors to raise $40 million to expand operations and meet the increasing demand for the commodity after government restrictions on imports increased an existing supply gap.

The company, based in Edo State is raising $35 million by offering shares and debt as well as another N2.1 billion ($5.4 million) in equity to fund oil palm plantations, seedlings, and fertilizer, Bloomberg quoted the company’s Chief Executive Officer, Chuka Mordi, to have said during an interview in Lagos.

The company is looking to cultivate 4,000 hectares of oil palm plantation by year-end from 2,300 currently, he said.

Leave a Reply