₦airaland Forum

crownprince2017:
@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.

olaremint:
You want to use their money to make money, u are complaining about interest rate

olaremint:
You want to use their money to make money, u are complaining about interest rate

GeneralDae:
Our Banks are still way too cheap.

EDUECO:
My brother,the matter shock me!

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

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.

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

purity2all:
And Japaul, too.

KarlTom:
ELLAH Post -AGM

Speaking after the meeting, Chuka Mordi, Managing Director/CEO of Ellah Lakes Plc, said:
“The outcome of the EGM marks a powerful alignment between our shareholders and strategic vision. With
acquisitions and capital raises now approved, we are set to deepen our operational footprint, scale
efficiencies, and drive national food security impact. We anticipate adding ₦200 billion to our balance
sheet and delivering measurable revenue growth by 2027.”

The Company also shared updates on recent performance highlights, including the installation of a 5-ton Crude Palm Oil (CPO) processing mill which is currently undergoing commissioning and is expected to enhance in-house processing capacity, support downstream integration, and improve overall margin.
The Company has commenced commercial activities through the sale of Fresh Fruit Bunches (FFB)... 🤦🏾‍♂️


https://doclib.ngxgroup.com/Financial_NewsDocs/44652_ELLAH_LAKES_PLC.-PRESS_RELEASE_ON_EXTRAORDINARY_GENERAL_MEETING_HELD_ON_25_JULY_2025_CORPORATE_ACTIONS_JULY_2025.pdf

KarlTom:
ELLAH Post -AGM

Speaking after the meeting, Chuka Mordi, Managing Director/CEO of Ellah Lakes Plc, said:
“The outcome of the EGM marks a powerful alignment between our shareholders and strategic vision. With
acquisitions and capital raises now approved, we are set to deepen our operational footprint, scale
efficiencies, and drive national food security impact. We anticipate adding ₦200 billion to our balance
sheet and delivering measurable revenue growth by 2027.”

The Company also shared updates on recent performance highlights, including the installation of a 5-ton Crude Palm Oil (CPO) processing mill which is currently undergoing commissioning and is expected to enhance in-house processing capacity, support downstream integration, and improve overall margin.
The Company has commenced commercial activities through the sale of Fresh Fruit Bunches (FFB)... 🤦🏾‍♂️


https://doclib.ngxgroup.com/Financial_NewsDocs/44652_ELLAH_LAKES_PLC.-PRESS_RELEASE_ON_EXTRAORDINARY_GENERAL_MEETING_HELD_ON_25_JULY_2025_CORPORATE_ACTIONS_JULY_2025.pdf

crownprince2017:
@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.

purity2all:
And Japaul, too.

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.

SonofElElyonRet:
@EDUECO and his co nay sayers

EDUECO:
And there are stocks that their earning per share is nothing to write home about;but their prices have gone roof top.

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.

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

EDUECO:
Lekos is still in its conception/infancy.

Zegra:
Seems Cadbury result will be good

@N72

megawealth01:
Something that is going to 89+ then probably 100+

Locotrader:
Is Royalex doing 1.50 already?
New high will now begot new high on daily.
Enjoy.

Royalex time has come

Before Q3 results,Royalex will be doing N3 to N3.50 in our koro koro eyes.
Buy now and watch as the event unfolds

SonofElElyonRet:
You think it still makes sense to accumulate deapcap with patient funds, bro?

SonofElElyonRet:
You think it still makes sense to accumulate deapcap with patient funds, bro?

megawealth01:
Something that is going to 89+ then probably 100+