₦airaland Forum

SAK:
CI leasing never cross 10 naira o! We never hear anything again about cI leasing?

Umehj88:
No be my portfolio oooo nah bovali own.

Umehj88:
This portfolio way I take they get inspiration nah him person call audio. It was posted in 2024 oooh. Make una no they chase our helpers oooo

yMcy56:
You're right.
Learn Africa is a well managed company and used to trade ahead of Academy before now.
Gave 1:8 bonus last year but the OS is still below 900M even with that...... thus signalling more room for further increase in Capitalization.
Let's see if LEARN will also declare bonus in addition with dividend this fye too.

yMcy56:
ACADEMY @11.26 full bid....
My post of few trading days attached......
The medium Outlook may not even be medium again.....but short term...

ppogba:
Thanks for this.
If one should mention shares that belong in this category, one may have his head chopped off even online.

Make everybody open their eyes and where you have not been baptised before, it is always good to experience it.

Good morning

ppogba:
That is why as an investor, there are shares you don't just buy for so many reasons.

For example, I will like someone to educate me on what justifies the present price of MECURE.

SonofElElyonRet:
@EDUECO and his co nay sayers

unite4real:
if not for the neck pressing by CBN on banks in Nigeria, none of the FUGAZ should trade below N100

GeneralDae:
Our Banks are still way too cheap.

Agbalowomeri:
Your matter no clear me again o. Projected year end EPS of 50kobo, you say price target na N33? Abi I drink ksekpe ni?😂

Locotrader:
Royalex

Good Q2 result.one of the best results so far.

Can now pay dividend.
Now on our of negative retained earnings.
Shareholders fund from 6B to 8B
PAT increased from 700m to 1.5B
EPS 0.35kobo
Reduction in expenses
Reduction in borrowing

A new MD with financial services experience resumed office in May 2025.Institutional investors moved into Royalex in the last 3 months.

Q3 is looking very gloomy.A new dawn is here @ Royalex

Projected price by 2025 year end N5-N7 based on the sector listed which is Financial services.

If this 1.37 supply is broken today,the stock will have its way to 1.50.

bovali:
Let me give you people small backstory on Ellah Lakes:

Chuka Mordi’s Background and Ellah Lakes Ownership Structure

Professional Background of Chuka Mordi (Pre–Ellah Lakes)
Chuka Mordi is a Nigerian investment professional with over two decades of experience in investment management, financial advisory, and corporate leadership.. He holds a Philosophy degree from King’s College, University of London, and began his career in the UK as an equities analyst at SBC Warburg. He later worked at firms such as Hardman & Co. (focusing on UK AIM stocks), InterSec Research (investment research), and Société Générale Asset Management (covering European emerging markets). In 2009, Mordi co-founded CBO Capital, a Lagos-based private equity and investment management firm, where he served as Managing Partner. He also headed the Infrastructure Financing division at First City Monument Bank (FCMB) in Nigeria. In addition to his banking and investment roles, Mordi held executive positions in other companies – notably serving as Co-Managing Director of Union Dicon Salt Plc in 2014 as part of a turnaround investment led by CBO Capital. This blend of international finance experience and local industry leadership defined Mordi’s career prior to his involvement with Ellah Lakes.

Path to Control of Ellah Lakes
Ellah Lakes Plc was a struggling fish-farming company until 2019, when Chuka Mordi and his partners orchestrated a strategic takeover via an agribusiness company called Telluria Limited. In May 2019, Ellah Lakes announced the acquisition of 100% equity in Telluria, effective May 7, 2019. Shortly after, on June 12, 2019, the board appointed Chuka Mordi (who had been a director of Telluria) as the new Managing Director/CEO of Ellah Lakes, replacing Frank Ellah (a member of the founding family). This leadership change was part of a broader restructuring to recapitalize Ellah Lakes and pivot its operations from fish farming to crop cultivation (especially oil palm), leveraging Telluria’s farmlands and expertise.
Notably, the deal was structured as a reverse takeover: Ellah Lakes paid for Telluria by issuing new shares rather than cash. In other words, Telluria’s owners received equity in Ellah Lakes, effectively giving them control of the listed company. Approximately 1.88 billion new Ellah Lakes shares were issued to Telluria’s shareholders, increasing Ellah Lakes’ total shares from about 120 million to roughly 2 billion. This equity swap made Telluria’s investors (with Mordi among them) the majority owners of Ellah Lakes – “Telluria Limited actually owns the company,” as a contemporary report observed . Mordi’s private equity firm, CBO Capital, was a core investor in Telluria, which further explains his leading role in the post-merger ownership and management of Ellah Lakes. In summary, through the 2019 Telluria transaction, Chuka Mordi and his investment partners assumed both executive control and a controlling shareholding in Ellah Lakes.

Ellah Lakes Ownership Structure: Historical vs. Current

Historical Ownership: Ellah Lakes Plc was founded in 1980 by the late Senator F. J. Ellah as a fish farming business and became the first agribusiness company listed on the Nigerian Stock Exchange in 1993. For its first few decades, the company was closely held by its founders and early investors. Frank Ellah (the founder’s son) served as CEO from 2008 until 2019, and the Ellah family remained significant shareholders during that period. Prior to the 2019 restructuring, Ellah Lakes had only about 120 million shares outstanding, indicating a relatively concentrated ownership (primarily in the hands of the founding family and a small number of investors).

[b]Current Ownership (Post-2019): [/b]The Telluria reverse acquisition in 2019 dramatically altered Ellah Lakes’ shareholding structure. Telluria’s backers – notably CBO Capital Partners – emerged as the new controlling shareholders of Ellah Lakes. As of the 2022–2023 period, the major shareholders of Ellah Lakes were as follows:
- CBO Capital Partners Ltd – ~28.2% ownership (the private equity firm that led the 2019 investment)
- Enotie Ogbebor – ~18.8% (an Ellah Lakes director and investor associated with the Telluria acquisition)
- Blackman & Co. Ltd. – ~16.9%
- Lake Oko Farms Ltd. – ~9.4%
(No other individual shareholder held 5% or more of the company’s shares in that period..) These four shareholders collectively owned over 70% of Ellah Lakes, reflecting the concentration of ownership in the hands of Mordi’s investor consortium. CBO Capital, in particular, has been described as a “major shareholder” and key stakeholder in Ellah Lakes.

[b]Changes Over Time: [/b]In the years since the takeover, Ellah Lakes has undertaken further capital restructuring that affected its ownership distribution. The company raised additional equity to fund its expansion in agribusiness. For example, in 2024–2025, Ellah Lakes’ shareholders approved a conversion of about ₦3.1 billion of debt into equity. This debt-for-equity swap led to the issuance of approximately 1.10 billion new shares, which were listed on the NGX in March 2025. The total number of shares outstanding increased from about 2.75 billion to 3.86 billion after this conversion. During the same period, CBO Capital slightly pared down its stake – offloading roughly 81 million shares – in order to improve the stock’s liquidity and comply with free-float requirements of the exchange. Despite these adjustments, the core investor group introduced in 2019 (led by Chuka Mordi through CBO Capital and affiliates) remains the dominant shareholder bloc in Ellah Lakes, maintaining effective control of the company’s direction. This is evident from the fact that the majority of shares are still held by that group and its representatives, even as the company expands and brings in new capital.

Conclusion (my opinion as always): Was a smart public market play. Instead of doing an IPO or registering a new company, Chuka used a struggling listed entity to gain immediate market access, reputation, and funding pathways. It shows strategic thinking that most Nigerian entrepreneurs don’t apply. The structure is similar to what global private equity does. You inject value, control through equity, and scale with investor capital.

Freshestbot:
Hello

I'm new here. I've been following the thread for some weeks now.

Please I want to know how dividend payment works. Is it automatic and would it be paid into my trading account or do I need to apply for it–what would the process be like?

N.B I have a CSCS account with Morgan Capital

Thank you

STNWAUME:
All I see is someone filled with rages & regrets for not buying Ellah Flakes when Oga NOSA recommended it at circa #3.00 while those of us that foresee Agriculture as the new gold loaded as much as we can.

Okumo and Presco once traded below #5. now Presco is 1500 while okumo is #1000.

So you and your fellow bitter souls can rant from now til eternity while we watch Ellah get to #1000 in future.

STNWAUME:
I have over 19m units of Ellah Lakes that were bought at circa #3, I don't intend selling in my lifetime.

musicwriter:
Give them money and they'll use it to build weapons of war and sponsor wars around the world, then consume more fat to eat themselves to death.

I once gave them a humongous amount of $25 of my hard earned money in about 2017 when Obama, Bush, Clinton and others came on TV literally begging for money for a charity cause. After giving them the money, the CIA began monitoring me!

Peterobiisathie:
“Nigerians”

Mankind2024:
The past management of FIRSTHOLDCO inflicted irreparable damage on the bank, perpetuating a legacy of corruption that spanned generations.
Fortunately, Nigeria's resilience has allowed it to withstand the impact of widespread corruption in both public and corporate institutions. It's encouraging to see that the new management appears to prioritise investors' interests.

Peterobiisathie:
you are the first person to mention a tribe on this thread

Mankind2024:
👍
The final sledgehammer on my decision for not taking the FUGAZ rights offer was validated when I consulted a seasoned NSEMPA veteran on the potential impact on bank stocks prices after the rights and public offers. He predicted that the share prices would fall by January 2025 due to significant share dilution. I was tempted to offload my FUGAZ holdings too but resisted the urge.

This experience reinforces the importance of perseverance, consistency, patience, self confidence, resilience and trust in investing.
We learn every day and grow from our experiences.

Mankind2024:
BBNaija and the Growth of My Portfolio

In 2017, during the BBNaija Season 2, titled "See Gobe," the winner, Michael Efe-Ejeba, received a cash prize of ₦25 million (approximately $$83,400$ at the time) and an SUV. The prize money was the envy of many, including me. It wasn't that I couldn't have made more than the cash prize and the SUV, but financial independence was a distant concept for me.
At the time, I always had to seek validation before investing, or I would invest in trending "hot stocks" on the NSEMPA forum, no consistency.
There was no self-confidence and no basic knowledge of the fundamental principles of investment. The result was self-sabotage, stemming from a lack of understanding of compounding and dividend reinvestment strategies. Following the herd was my greatest undoing. At that time, I did not trust the market nor did I have a strategy to actualise financial freedom.
Eight years later, I feel I have made up for lost time after learning by reading books, articles, and publications by several legendary American investors: Benjamin Graham, Warren Buffett, Peter Lynch, Jack Bogle, Jesse Livermore, Ray Dalio, and many others.
During the award-winning ceremony of season 2 BBN, hosted by Ebuka Obi-Uchendu, a thought flashed through my mind: one day, I would surely make a hundred times this prize money.
How I would achieve this was unknown, but the belief and determination were very strong. Abundant wealth starts with the individual: think, act, and grow rich.

In late 2019, I decided to return to the NGX with a strong determination and consistency that I would never again allow the fear of a bear market, sell-off, downturn, or recession to drive me away. I had already learned the PATIENT, secret of stock market investing. At this point, I began to trust the market, making risk my best friend, volatility my investment adviser, and a bear market an opportunity for an early Christmas promotion. No more "sell in May and go away."
At the peak of COVID-19, during the "urgent ₦2k" slogan era in Nigeria, I remained in the market. I established strong positions in the FMCG (Fast-Moving Consumer Goods), Transcorps and Banking sectors. I watched my portfolio obey one of the investment creeds: "Time in the market is better than timing the market," and "The best time to invest in the market was yesterday, and the next best time is today."
Fast forward to today, without relying on luck, the probabilities of the market are swinging in my favour, simply by obeying the fundamental principles of investing. Using value cost averaging and the power of compounding, I have grown my NGX portfolio from ₦8 million to 9 figures (2020 to date). Meanwhile, my NYSE portfolio is also benefiting from my experience as a dedicated "Naija investor." I have been able to grow it from a loss of 60% in November 2023 to a gain of 213.2\% as of July 25, 2025.

The best lesson I have learned so far in my investment journey is that the greatest enemy of an investor is the investor themself. We investors often sabotage compound interest in the name of "profit booking" at the peak of a bull run, even when there is no obvious need for the money. We do it because of the fear of a bear market, the fear that "you haven't earned anything until you sell," the fear of a downturn or sell-off, an over-reliance on highly biased technical indicators, and trusting bearish market forecasters more than our own instincts and the market's intrinsic fundamentals, forgetting that We are investors, not traders.
Yes, the bear will always come, but that is not a cogent reason to sell off our assets in blue-chip, dividend-paying companies, only to end up buying the same assets back at a premium. To overcome this fear, we need to prepare for tomorrow.
We investors also tend not to trust the incumbent President of Nigeria due to a deep-seated dislike for him and his tribe. We do not believe him when he says he is on a mission to grow Nigeria's economy to $1trillion. However, the stock market seems to be pointing in the direction of this promise.
A recent experience was an act of self-sabotage I perpetrated against myself. Following the announcement of bank recapitalisation in 2024 by the CBN (Central Bank of Nigeria), I sought public validation on the NSEMPA forum about what would likely happen to the prices of Tier-1 banking stocks on the NGX after the recapitalisation and rights issues. As expected, the herd's conclusion was that the outstanding shares and imminent dilution would be too much to support their prices at the time. Trusting this, I decided not to take my rights offers in GTCO, ZENITHBANK, UBA, ACCESSCORP, and FBNHOLDINGS, despite having the financial muscle, with the hope that the stock prices of Banks would crash by January 2025.
Alas, the market proved me wrong. I was severely punished by the market for not trusting it. Right before my eyes, the bank stocks appreciated and also paid dividends to subscribers of their rights issues. It was a lesson learned the hard way. I quickly made an effort to buy back the time and oversubscribed by 100% to the STANBIC IBTC rights issue, which was executed in February 2025. Unfortunately, no dividend was paid to their rights issue subscribers. Not only that, but I was also allotted only 50\% of my subscription, and the excess money was refunded.

My humble advice for discerning individual investors is: do not time the market. Invest, seize the day, diversify, and trust the market. The stock market is not a get-rich-quick scheme; however, rewards might come sooner than you think. No one has a crystal ball to tell us what the market will do tomorrow. In the same way, no one knows who is going to win the ultimate prize of ₦150 million announced for the 2025 Season 10 of BBNaija. We can only guess.
My mind is relaxed because my growing net worth is more than the ultimate prize.
My SMART goal is on course, and victory is certain.
NGX: ₦1 billion (2027) and NYSE: 1$ million by 2030.
So help me God.

EDUECO:
There are 10.76 100 by 100 feet plots in 1 hectare.

That is, about ₦99,000 was used in preparing 100 by 100 feet plot of land .

Ellah lekos will start making profit from like 6 years time.

debeey87:
So Ellah used 1,000,000 to clear an hectare of land. Una wey be farmers, is that possible?

Peterobiisathie:
you can’t expect Peter Obi to win election in Nigeria if India continue to lock up your brothers everyday

Lion123:
Oando plans fresh N500 billion capital raise via 10 billion share issuance, outlines additional funding strategies - https://nairametrics.com/2025/07/22/oando-plans-fresh-n500-billion-capital-raise-via-10-billion-share-issuance-outlines-additional-funding-strategies/#google_vignette

Oando. Old taker. Still new taker.

EDUECO:
This is how lekos investors will end!