₦airaland Forum

crownprince2017:
You can be emotional but you can't change the reality coming onboard, People that can connect the dots know there is a relationship between ellahlakes deals and presco 250b pending right issue.
interesting days ahead.


Keep digging.

There is a race for that asset. Whoever is able to first raise the cash wins. Meanwhile, don't remove Okomu and other players from the race.

Mpeace:
There is a race for that asset. Whoever is able to first raise the cash wins. Meanwhile, don't remove Okomu and other players from the race.

Lol..just because presco mentioned 250 billion too. I guess if they had mentioned 500 billion. The story for change .
Presco can raise that amount this week if they do wish without sweating..lol ....via shareholders
Just less than 200M new shares is enough

crownprince2017:
You can be emotional but you can't change the reality coming onboard, People that can connect the dots know there is a relationship between ellahlakes deals and presco 250b pending right issue.
interesting days ahead.


Keep digging.

it will take people by surprise...I hold tight to my ELLAHLAKES.

Streetinvestor2:
Lol..just because presco mentioned 250 billion too. I guess if they had mentioned 500 billion. The story for change .
Presco can raise that amount this week if they do wish without sweating..lol ....via shareholders
Just less than 200M new shares is enough

They need resolutions and regulatory approvals. E no go easy like that.

Princkez:
it will take people by surprise...I hold tight to my ELLAHLAKES.

Lwkd.You are very correct. The surprise I believe will start coming from next month. We wait for Mr time

Mpeace:
They need resolutions and regulatory approvals. E no go easy like that.

But they said kpakus did conversion of debt to equity before the two things here.
Abi I didn't read well on the #2.8 conversion thing

KarlTom:
ARADEL. ±
CONOIL. ±
ETERNA. ±
OandO. +1.92%

.

Please educate me, why do you mention these companies every day?

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.

GeeKudi:
Please, do you have any info on the acquired fish trawlers they were expected to take delivery of in May this year?

It will definitely jump start the northward movement of the SP.

No info on the status of the fish trawlers. We will probably hear something about them this side of Christmas.

They need to conclude the acquisition of DanBethel and like you mentioned, confirm the status of the trawlers.

Next announcement or quarterly should provide more information......hopefully.

Losers fear rejection.

Winners fear regret.

Good night, good morning, good afternoon depending on whatever part of the world you are reading FROM!!!

Few concerns about AFRIPRUD:

1. Would the company's cash flow for Q2 (or even the entire H1) be enough to pay the 10k interim dividend? FCF, cash & equivalents

2. Isn't the line between operating income and other income blurring as core operations make way less than investment in financial assets? How will Q3 and Q4 combined income compare to H2 when interest rates have declined significantly?

3. What is future of the digital technology as a product? Does it need more time to mature before yielding substantial returns?

4. Business is profitable, assets and shareholders funds are solid, revenue is growing in Naira value, but is there actual earnings growth?

My answers to these questions make me think that the recent share bonus issue and price appreciation might be the water that the camel drinks before embarking on a journey. In my opinion, this beloved company needs innovation.

Capitas7:
Few concerns about AFRIPRUD:

1. Would the company's cash flow for Q2 (or even the entire H1) be enough to pay the 10k interim dividend? FCF, cash & equivalents

2. Isn't the line between operating income and other income blurring as core operations make way less than investment in financial assets? How will Q3 and Q4 combined income compare to H2 when interest rates have declined significantly?

3. What is future of the digital technology as a product? Does it need more time to mature before yielding substantial returns?

4. Business is profitable, assets and shareholders funds are solid, revenue is growing in Naira value, but is there actual earnings growth?

My answers to these questions make me think that the recent share bonus issue and price appreciation might be the water that the camel drinks before embarking on a journey. In my opinion, this beloved company needs innovation.

AFRIPRUD started declining the moment UCAP poached their CEO

sterlingD:


[b]BERGER PAINTS
https://doclib.ngxgroup.com/Financial_NewsDocs/44635_BERGER_PAINTS_NIGERIA_PLC-_QUARTER_2_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_JULY_2025.pdf

I think Berger paint is undervalued.
About 25% upside.
I expect a full year EPS of 3.5-4
Implied FY price of #40
Good balance sheet - reduction in receivables, payables and loans.
Good quality of earnings of 1.8x

I think May and Baker may get to #24 by year ending.

aj8:
Common Sense Target for Mutual Benefits N2.16. Still 50% upside from current price. Best to buy below N1.50.

0.54 x 4 = N2.16

Range N2.16-2.70




Still do your due diligence.

Mutual Benefits is still on course based on the Q1. Likely to move a bit more rapidly to the lower range. OS is so huge.

I really like your investment philosophy. Could you share your stock picks (or most of it) you intend holding for a while?

Mankind2024:
Meet Harry Markowitz, the legendary economist and investor who pioneered Modern Portfolio Theory (MPT) and the Efficient Frontier.

Life and Biography
Harry Max Markowitz was born on August 24, 1927, in Chicago, Illinois, to a Jewish family. He developed an interest in physics and philosophy during high school and pursued these interests at the University of Chicago. Markowitz specialized in economics, studying under notable economists like Milton Friedman and Jacob Marschak. He received his Ph.B. in Liberal Arts in 1947 and his A.M. in Economics in 1950. Markowitz worked at the RAND Corporation, Cowles Foundation, and City University of New York, and later taught at the University of California, San Diego. He passed away on June 22, 2023, at 95.

Quotes
- "A good portfolio is more than a long list of good stocks and bonds. It is a balanced whole, providing the investor with protections and opportunities with respect to a wide range of contingencies."
- "Advisors can create the best portfolios in the world, but they won’t really matter if the clients don’t stay in them."
- "Diversifying sufficiently among uncorrelated risks can reduce portfolio risk toward zero.
- "The smart investor buys and holds index funds.
- "I never was aware of the Great Depression."
- "I would never be 100 percent in stocks or 100 percent in bonds or cash."


Achievements
- Developed Modern Portfolio Theory (MPT), which revolutionized investment management by introducing the concept of diversification and risk management.
- Published "Portfolio Selection" in 1952, a seminal work that laid the foundation for MPT.
- Awarded the John von Neumann Theory Prize in 1989 and the Nobel Memorial Prize in Economic Sciences in 1990.
- Co-founded GuidedChoice, a 401(k) managed accounts provider and investment advisor.
- Served on the advisory boards of several investment firms, including Research Affiliates and Index Fund Advisors ² ³.

Simple Personal Finance Lessons

- *Diversification is key*: Spread investments across different asset classes to minimize risk.
- Maintain a balanced portfolio: Allocate assets according to risk tolerance and financial goals.
- Rebalance regularly: Periodically review and adjust portfolio allocations to ensure they remain aligned with investment objectives.
- Stay invested: Avoid panic selling during market downturns and ride out market fluctuations.
- Keep saving regularly: Consistently invest over time to benefit from dollar-cost averaging and compound interest.
- Understand your risk tolerance*: Invest in a way that aligns with your comfort level with market volatility.


https://www.youtube.com/watch?v=m4rchSSSdtU?si=WTKouG8ZsA6JfOA4



https://www.youtube.com/watch?v=uANiDzXSddc?si=LqkEOZ0yXesJUEe_



https://www.youtube.com/watch?v=VsMpw-qnPZY?si=i7RivgRu23n4cgj5



https://www.youtube.com/watch?v=aZ1K75qdzsg?si=sRxHRBsyMrKaf7F8

Royalex

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

Can now pay dividend.
No more 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.

Common Sense Target for Custodian is N35.04. Range is N35.04-43.80. Good if it makes a pullback so as guarantee at least a 20% gain.

Common Sense Target for International breweries (365 days target) is N33.84 should it maintain the current momentum.


@street… this one is for you. 😇

Today is for Cadbury and Nascon. Let's hope they post something good

Mpeace:
Today is for Cadbury and Nascon. Let's hope they post something good

Monitoring spirit

aj8:
Common Sense Target for International breweries (365 days target) is N33.84 should it maintain the current momentum.


@street… this one is for you. 😇

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

Agbalowomeri:
Monitoring spirit

Na your monitoring?

aj8:
Common Sense Target for Custodian is N35.04. Range is N35.04-43.80. Good if it makes a pullback so as guarantee at least a 20% gain.

Seems custodian will soon sell their insurance business Lol. They made a loss. No wonder they pushed it down in the P/L statement

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?😂

That is why it is common sense entry point 🤣🤣🤣

Mpeace:
Today is for Cadbury and Nascon. Let's hope they post something good

And Japaul, too.

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.

Ellah lekos is like a new born child!

It is from 10 to 15 years before investors will start getting dividend payment.

Infact,lekos is still in conception .

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.

Aka Rolex company!

Rolex kiosk business is not doing badly

@pa Emma, agba n emmadot, pls don't you think Interest rate on meristem margin loan is high; 29% interest, 2% management fees and 7.5% of management fees as vat totalling 32% approximately.

Thanks in anticipation.

Agbalowomeri:
Monitoring spirit

Lol. Monitoring my small change oh.

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?😂

My brother,the matter shock me!

So ACCESSCORP will likely be over ₦100 as common sense value.

Nothing special.

I am more inclined towards the o&g sector as reflected in my portfolio....

hayyawithme:
.

Please educate me, why do you mention these companies every day?