₦airaland Forum

CHUKA MORDI’S TOTAL COLLAPSE AT ELLAH LAKES PLC – BROKEN PROMISES, N235 BILLION PUBLIC OFFER DISASTER, AND THE BETRAYAL OF NIGERIAN INVESTORS.
In 2019, Mr. Chuka Mordi, the former Director of Telluria Farm, was appointed CEO and Managing Director of Ellah Lakes Plc.
In his maiden address and grand strategic plan for the company, he peddled these lofty but now utterly failed dreams:
To start paying dividends by 2023.
To list the company on the London Stock Exchange (LSE).
To transform Ellah Lakes into a N1 trillion powerhouse.
To commission a 1,000-ton mill.
To aggressively diversify operations across West Africa.
Every single objective this man personally set for Ellah Lakes has been failed woefully – a complete and spectacular disaster on all fronts.
In my previous review and open letter to Mr. Mordi, I warned that he appeared to be toeing the exact same reckless path as his kinsman, the Tingo Farms owner, who shamelessly listed a nonexistent agrofarm on the NYSE before that bubble burst in disgrace.
Now, after Mr. Mordi squandered over N1.7 billion on a botched public offer (the ambitious N235 billion raise that crashed and burned without meeting the minimum subscription threshold), it is crystal clear: he has bitten off far more than he can chew.
People like Mr. Mordi are the primary reason for the deep-seated investor apathy plaguing the Nigerian Exchange (NGX). Retail investors have repeatedly been used as pawns to pump liquidity and prop up share prices, while Mr. Mordi and his criminal gang were busy offloading billions of Ellah Lakes shares without filing the required insider reports.
I can already see the SEC and NGX moving to deregister this company – and rightly so.
What a once-in-a-lifetime opportunity completely wasted by Chuka Mordi, the mysterious CEO whose date of birth remains invisible in the public domain. Nigerian investors, take note: this is what happens when unchecked ambition meets zero delivery.

Sorry Please, what instruction did you send to them?
Cash Withdrawal, right?
& I believe if it's Cash withdrawal , the money would first be seen in your trading account balance, abi.
For my own trading account, the money is not there at all.
For three days consecutively I sold several of my stocks, non of the sales money has reflected in my account balance, for me to even think of withdrawing it to my bank account, this wasn't my intention in the first place, my plan was to reinvest in other stocks, which I can't do without the money in my trading account or in my bank account.
So this is where Morgan Capital tie me out.

Willie2015:
Dont think so ...
Jan..Feb was something else ...
What I did was to send instruction ...
And expect credit within 5 days...but they always credit sha
Withdrawal is okay now..
I sent instruction last week in the morning...
Morgan sent the money bcob.

Slammmmmmmm:
This dividend payment is actually below expectations. Frankly poor.

ppogba:
Totally agree with you.

With this shikini dividend declared now, the only hope for the share price to move is the expected news of their merger with the other crippled bank, Polaris I think.

Most of these banks recently increased their outstanding shares almost DOUBLED or even more DOUBLED in less than A YEAR ago . Yet maintained or even paid slightly more dividend per theis DOUBLED.
Consider cutting them some slack.
Don't use GTB to rate them all. they are an exception not the standard for stocks that just increased outstanding shares to double or impress with dividend in less than a year.

also, WEMA is just a national bank on PAPER with recent upgraded licence.

Wema is still mostly physically a regional bank, just transiting to National spread.
yet I think the dividend
increase was by 25% compared to last yr.

Those who bought it around last yr within 15-20 share price are on 6-8% dividend yield. I believe that should be the fairest standard to rate them.

Streetinvestors,
nosa2,
chimex38,
.
in as much i always like to read your write ups. Chuka is not a fool or clown for allowing such result to be published.
Most CEOs usually cleaned and whitewash result before been release for public consumption. My verdict on ellah lakes is HOLD

Mankind2024:
CHUKA MORDI’S TOTAL COLLAPSE AT ELLAH LAKES PLC – BROKEN PROMISES, N235 BILLION PUBLIC OFFER DISASTER, AND THE BETRAYAL OF NIGERIAN INVESTORS.
In 2019, Mr. Chuka Mordi, the former Director of Telluria Farm, was appointed CEO and Managing Director of Ellah Lakes Plc.
In his maiden address and grand strategic plan for the company, he peddled these lofty but now utterly failed dreams:
To start paying dividends by 2023.
To list the company on the London Stock Exchange (LSE).
To transform Ellah Lakes into a N1 trillion powerhouse.
To commission a 1,000-ton mill.
To aggressively diversify operations across West Africa.
Every single objective this man personally set for Ellah Lakes has been failed woefully – a complete and spectacular disaster on all fronts.
In my previous review and open letter to Mr. Mordi, I warned that he appeared to be toeing the exact same reckless path as his kinsman, the Tingo Farms owner, who shamelessly listed a nonexistent agrofarm on the NYSE before that bubble burst in disgrace.
Now, after Mr. Mordi squandered over N1.7 billion on a botched public offer (the ambitious N235 billion raise that crashed and burned without meeting the minimum subscription threshold), it is crystal clear: he has bitten off far more than he can chew.
People like Mr. Mordi are the primary reason for the deep-seated investor apathy plaguing the Nigerian Exchange (NGX). Retail investors have repeatedly been used as pawns to pump liquidity and prop up share prices, while Mr. Mordi and his criminal gang were busy offloading billions of Ellah Lakes shares without filing the required insider reports.
I can already see the SEC and NGX moving to deregister this company – and rightly so.
What a once-in-a-lifetime opportunity completely wasted by Chuka Mordi, the mysterious CEO whose date of birth remains invisible in the public domain. Nigerian investors, take note: this is what happens when unchecked ambition meets zero delivery.

emmasoft:
More details on the margin loan

Oga Emma i want to change my stock account from my name to my company name what am i to forfeit or to pay or loose in the process.
thanks

Mankind2024:
CHUKA MORDI’S TOTAL COLLAPSE AT ELLAH LAKES PLC – BROKEN PROMISES, N235 BILLION PUBLIC OFFER DISASTER, AND THE BETRAYAL OF NIGERIAN INVESTORS.
In 2019, Mr. Chuka Mordi, the former Director of Telluria Farm, was appointed CEO and Managing Director of Ellah Lakes Plc.
In his maiden address and grand strategic plan for the company, he peddled these lofty but now utterly failed dreams:
To start paying dividends by 2023.
To list the company on the London Stock Exchange (LSE).
To transform Ellah Lakes into a N1 trillion powerhouse.
To commission a 1,000-ton mill.
To aggressively diversify operations across West Africa.
Every single objective this man personally set for Ellah Lakes has been failed woefully – a complete and spectacular disaster on all fronts.
In my previous review and open letter to Mr. Mordi, I warned that he appeared to be toeing the exact same reckless path as his kinsman, the Tingo Farms owner, who shamelessly listed a nonexistent agrofarm on the NYSE before that bubble burst in disgrace.
Now, after Mr. Mordi squandered over N1.7 billion on a botched public offer (the ambitious N235 billion raise that crashed and burned without meeting the minimum subscription threshold), it is crystal clear: he has bitten off far more than he can chew.
People like Mr. Mordi are the primary reason for the deep-seated investor apathy plaguing the Nigerian Exchange (NGX). Retail investors have repeatedly been used as pawns to pump liquidity and prop up share prices, while Mr. Mordi and his criminal gang were busy offloading billions of Ellah Lakes shares without filing the required insider reports.
I can already see the SEC and NGX moving to deregister this company – and rightly so.
What a once-in-a-lifetime opportunity completely wasted by Chuka Mordi, the mysterious CEO whose date of birth remains invisible in the public domain. Nigerian investors, take note: this is what happens when unchecked ambition meets zero delivery.

Lol.. Dem no go de register them Ooo.
eee never reach like that.

Redoil:
in as much i always like to read your write ups. Chuka is not a fool or clown for allowing such result to be published.
Most CEOs usually cleaned and whitewash result before been release for public consumption. My verdict on ellah lakes is HOLD

My follow up question is:
Why is the 7bn from insiders now classified as debts.
Why can't it still be classified as part of invested capital or equity stake for the forthcoming APRN acquisition they said its still active while they source for the reminder funds to complete it?

Why the general classification as debts that isn't due within the next 12months.

Are the inside shareholders backing out from this acquisitions leaving it all to the Directors?

The acquisition is a strong lifeline, but doesn't seem to be holding strong. Not with the additional deadline misses without info.

It's probably a hold for those who bought much more lower and traders.

Mankind2024:
In Pursuit of High-Yield Dividends: Lessons from an App Glitch for Investors
In my ongoing search for attractive dividend-paying stocks—the investor’s equivalent of finding the honeycomb—I tried a quick shortcut on the Cowryvest platform to check the latest weekly dividend announcements.
One figure immediately caught my eye: it appeared to show a dividend of ₦6.25 kobo for UPDC Plc, a Nigerian-listed real estate company. At first glance it looked too good to be true… and, as the saying goes, if something sounds too good to be true, it usually is.
I paused. This was the same “next-to-mediocre” stock I had just sold a million units of during a portfolio rebalance. Could it really be paying such a generous dividend right after I exited? I immediately cross-checked the official announcement on the Nigerian Exchange (NGX) corporate disclosures portal. The actual dividend declared was just 1 kobo per share (₦0.01), before the standard 10% withholding tax.
The eye-popping ₦6.25 kobo figure was clearly a display error on the app.
For a split second I was tempted to blame “village people”—that classic Nigerian shorthand for mysterious external forces or bad luck supposedly conspiring against you. But I caught myself.
The real lesson is this: when things don’t go as planned in the markets, newer investors often look for someone (or something) else to blame. In equity investing, however, there are no village people, no curses, and no supernatural culprits. Every investor—beginner or seasoned—is 100% responsible for their own decisions and omissions.
Imagine selling a stock you bought at ₦0.94 only to watch it climb to ₦4.98, then seeing what looked like a massive dividend announcement shortly afterward. That sting of “what if I had held?” is real—but it’s part of the game. The markets owe us nothing, and neither do apps or data feeds.
So the next time a number looks off, double-check the official source before you react. And leave the village people out of it—they’ve got enough on their plate already.
Moral for investors everywhere: Verify, don’t assume. Own your trades. And always remember—high dividends that seem too perfect are usually just a glitch.

Our Respected Elder, thanks for calling out this typo. It has now been corrected. Your contribution is appreciated. Please note that you can always drop your comments under each article for faster responses.
List has also been updated.
And yes sir, every investor has the responsibility to do their own research before making investment decisions.
Cheers!

StockBaron:
It's dividend season. Stay updated.

List of Dividends Declared in 2026 by Nigerian Companies (NGX Update)
https://www.cowryvest.com/2026/03/list-of-dividend-2026-Nigeria.html

More dividends are streaming in and list is being updated. Keep tabs here:

List of Dividends Declared in 2026 by Nigerian Companies (NGX Update)
https://www.cowryvest.com/2026/03/list-of-dividend-2026-Nigeria.html

Redoil:
Oga Emma i want to change my stock account from my name to my company name what am i to forfeit or to pay or loose in the process.
thanks

@Redoil, the best thing to do is open a corporate account for your company. Chat me up for the account opening form for corporate; the account opening link will not take care of some needed information, like signature mandate.

debeey87 ;Dpost=138970843:
even chuka sold over 300m units

The guy man done cash out!

Where is Oando and Ellah Lekos on the list?

ACCESSCORP is the gold standard of Nigerian banking industry and not Zenith Bank or GTBank!

By 2041 you will remember this my post.

chimex38:
Most of these banks recently increased their outstanding shares almost DOUBLED or even more DOUBLED in less than A YEAR ago . Yet maintained or even paid slightly more dividend per theis DOUBLED.
Consider cutting them some slack.
Don't use GTB to rate them all. they are an exception not the standard for stocks that just increased outstanding shares to double or impress with dividend in less than a year.

also, WEMA is just a national bank on PAPER with recent upgraded licence.

Wema is still mostly physically a regional bank, just transiting to National spread.
yet I think the dividend
increase was by 25% compared to last yr.

Those who bought it around last yr within 15-20 share price are on 6-8% dividend yield. I believe that should be the fairest standard to rate them.

Oga Chinedu, good PR job.

Just like every citizen that wants the government to bring down heaven to satisfy them, every shareholder who have their mouths wide open for a year wants tangible dividend and less of TURENSHI. My comment did not condemn the bank and even gave a bit of consolation and hope to those with holding.
It will not be a bad idea if GT become a good yardstick, parameter and a measuring parameter. The call to all and sundry is, quench the thirst of your shareholders.

Happy Easter.

Mankind2024:
CHUKA MORDI’S TOTAL COLLAPSE AT ELLAH LAKES PLC – BROKEN PROMISES, N235 BILLION PUBLIC OFFER DISASTER, AND THE BETRAYAL OF NIGERIAN INVESTORS.
In 2019, Mr. Chuka Mordi, the former Director of Telluria Farm, was appointed CEO and Managing Director of Ellah Lakes Plc.
In his maiden address and grand strategic plan for the company, he peddled these lofty but now utterly failed dreams:
To start paying dividends by 2023.
To list the company on the London Stock Exchange (LSE).
To transform Ellah Lakes into a N1 trillion powerhouse.
To commission a 1,000-ton mill.
To aggressively diversify operations across West Africa.
Every single objective this man personally set for Ellah Lakes has been failed woefully – a complete and spectacular disaster on all fronts.
In my previous review and open letter to Mr. Mordi, I warned that he appeared to be toeing the exact same reckless path as his kinsman, the Tingo Farms owner, who shamelessly listed a nonexistent agrofarm on the NYSE before that bubble burst in disgrace.
Now, after Mr. Mordi squandered over N1.7 billion on a botched public offer (the ambitious N235 billion raise that crashed and burned without meeting the minimum subscription threshold), it is crystal clear: he has bitten off far more than he can chew.
People like Mr. Mordi are the primary reason for the deep-seated investor apathy plaguing the Nigerian Exchange (NGX). Retail investors have repeatedly been used as pawns to pump liquidity and prop up share prices, while Mr. Mordi and his criminal gang were busy offloading billions of Ellah Lakes shares without filing the required insider reports.
I can already see the SEC and NGX moving to deregister this company – and rightly so.
What a once-in-a-lifetime opportunity completely wasted by Chuka Mordi, the mysterious CEO whose date of birth remains invisible in the public domain. Nigerian investors, take note: this is what happens when unchecked ambition meets zero delivery.

Mordi and his gang are social media farmers!

I hope you didn't invest in the ponzi(Ellah lakes)?

EDUECO:
Where is Oando and Ellah Lekos on the list?

ACCESSCORP is the gold standard of Nigerian banking industry and not Zenith Bank or GTBank!

By 2041 you will remember this my post.

Mr EDUECO you mean i will have to wait 2041 to reap my benefits of ACCESSCORP. This is interesting.

This is what I call looooooooooooooooonnnnnggggggg term holding.

Mankind2024:
CHUKA MORDI’S TOTAL COLLAPSE AT ELLAH LAKES PLC – BROKEN PROMISES, N235 BILLION PUBLIC OFFER DISASTER, AND THE BETRAYAL OF NIGERIAN INVESTORS.
In 2019, Mr. Chuka Mordi, the former Director of Telluria Farm, was appointed CEO and Managing Director of Ellah Lakes Plc.
In his maiden address and grand strategic plan for the company, he peddled these lofty but now utterly failed dreams:
To start paying dividends by 2023.
To list the company on the London Stock Exchange (LSE).
To transform Ellah Lakes into a N1 trillion powerhouse.
To commission a 1,000-ton mill.
To aggressively diversify operations across West Africa.
Every single objective this man personally set for Ellah Lakes has been failed woefully – a complete and spectacular disaster on all fronts.
In my previous review and open letter to Mr. Mordi, I warned that he appeared to be toeing the exact same reckless path as his kinsman, the Tingo Farms owner, who shamelessly listed a nonexistent agrofarm on the NYSE before that bubble burst in disgrace.
Now, after Mr. Mordi squandered over N1.7 billion on a botched public offer (the ambitious N235 billion raise that crashed and burned without meeting the minimum subscription threshold), it is crystal clear: he has bitten off far more than he can chew.
People like Mr. Mordi are the primary reason for the deep-seated investor apathy plaguing the Nigerian Exchange (NGX). Retail investors have repeatedly been used as pawns to pump liquidity and prop up share prices, while Mr. Mordi and his criminal gang were busy offloading billions of Ellah Lakes shares without filing the required insider reports.
I can already see the SEC and NGX moving to deregister this company – and rightly so.
What a once-in-a-lifetime opportunity completely wasted by Chuka Mordi, the mysterious CEO whose date of birth remains invisible in the public domain. Nigerian investors, take note: this is what happens when unchecked ambition meets zero delivery.

All these epistle on top Ellah Lakes.

Are you surprised?


The signs were there na.


The company should be out of the woods by 2030

Ki oju ma ri ibi, mo sa 100m sprint comot asap!
I exit Ellah Lakes at peak of the hyperbolic curve — clear N24M profit wey dey make body sweet, transaction cost no even shake am.
I no gree make dem use me as liquidity pawn.🤩🤩🤩🤩

EDUECO:
Mordi and his gang are social media farmers!

I hope you didn't invest in the ponzi(Ellah lakes)?

Ellahlakes will still break higher at the right time

I project that it may take until 2040 for Ellah Lakes to cease being a going concern, judging by its persistent cash burn on unproductive staff, failed public offer, failed MAGA, failed mill commission,director loans, bad directors and the inflation of biological assets and equipment.
The absolute and undeniable truth is that Chuka Mordi appeared to be riding on the glory and momentum of Okomu Oil Palm Plc and Presco Plc to deceive investors.
That was the basis for including it in my portfolio—but fortunately, I exited at the right (best time).

emmanuelewumi:
All these epistle on top Ellah Lakes.

Are you surprised?


The signs were there na.


The company should be out of the woods by 2030

Mankind2024:
I project that it may take until 2040 for Ellah Lakes to cease being a going concern, judging by its persistent cash burn on unproductive staff, failed public offer, failed MAGA, failed mill commission,director loans, bad directors and the inflation of biological assets and equipment.
The absolute and undeniable truth is that Chuka Mordi appeared to be riding on the glory and momentum of Okomu Oil Palm Plc and Presco Plc to deceive investors.
That was the basis for including it in my portfolio—but fortunately, I exited at the right (best time).

That megawealth sef. He has perfect exit timing. Exited at N19 and hinted me to also sell maybe some if not all but I no gree hear. I think he also exited Oando at N97 or so before re entering at N40 or so

Redoil:
Streetinvestors,
nosa2,
chimex38,
.
in as much i always like to read your write ups. Chuka is not a fool or clown for allowing such result to be published.
Most CEOs usually cleaned and whitewash result before been release for public consumption. My verdict on ellah lakes is HOLD

I suspect the directors may be selling to raise additional funds for the acquisition...

Mankind2024:
CHUKA MORDI’S TOTAL COLLAPSE AT ELLAH LAKES PLC – BROKEN PROMISES, N235 BILLION PUBLIC OFFER DISASTER, AND THE BETRAYAL OF NIGERIAN INVESTORS.
In 2019, Mr. Chuka Mordi, the former Director of Telluria Farm, was appointed CEO and Managing Director of Ellah Lakes Plc.
In his maiden address and grand strategic plan for the company, he peddled these lofty but now utterly failed dreams:
To start paying dividends by 2023.
To list the company on the London Stock Exchange (LSE).
To transform Ellah Lakes into a N1 trillion powerhouse.
To commission a 1,000-ton mill.
To aggressively diversify operations across West Africa.
Every single objective this man personally set for Ellah Lakes has been failed woefully – a complete and spectacular disaster on all fronts.
In my previous review and open letter to Mr. Mordi, I warned that he appeared to be toeing the exact same reckless path as his kinsman, the Tingo Farms owner, who shamelessly listed a nonexistent agrofarm on the NYSE before that bubble burst in disgrace.
Now, after Mr. Mordi squandered over N1.7 billion on a botched public offer (the ambitious N235 billion raise that crashed and burned without meeting the minimum subscription threshold), it is crystal clear: he has bitten off far more than he can chew.
People like Mr. Mordi are the primary reason for the deep-seated investor apathy plaguing the Nigerian Exchange (NGX). Retail investors have repeatedly been used as pawns to pump liquidity and prop up share prices, while Mr. Mordi and his criminal gang were busy offloading billions of Ellah Lakes shares without filing the required insider reports.
I can already see the SEC and NGX moving to deregister this company – and rightly so.
What a once-in-a-lifetime opportunity completely wasted by Chuka Mordi, the mysterious CEO whose date of birth remains invisible in the public domain. Nigerian investors, take note: this is what happens when unchecked ambition meets zero delivery.

This is seeming personal oooo

Omo

Mankind2024:
Ki oju ma ri ibi, mo sa 100m sprint comot asap!
I exit Ellah Lakes at peak of the hyperbolic curve — clear N24M profit wey dey make body sweet, transaction cost no even shake am.
I no gree make dem use me as liquidity pawn.🤩🤩🤩🤩

You did the right thing!

jonnysessy:
Mr EDUECO you mean i will have to wait 2041 to reap my benefits of ACCESSCORP. This is interesting.

This is what I call looooooooooooooooonnnnnggggggg term holding.

How will you feel,if you bought ₦400 million worth of ACCESSCORP in 2026; and in the year 2042 you collected ₦400 million as dividends for 2041 financial year?

emmasoft:
More details on the margin loan

3.5% per month is crazy high

emmanuelewumi:
3.5% per month should be 42% per annum. This is too expensive oooo

Which broker has a better rate and what is their commission like ?

It's not an excuse for non disclosure.

That is the aspect I have an issue with...

SonofElElyonRet:
I suspect the directors may be selling to raise additional funds for the acquisition...

I love your enthusiasm.
However, I hope the FY DIV won't dampen it...

EDUECO:
How will you feel,if you bought ₦400 million worth of ACCESSCORP in 2026; and in the year 2042 you collected ₦400 million as dividends for 2041 financial year?

EDUECO:
Omo
You did the right thing!

See hypocrisy of the highest level.


He bought ellahlakes, made profit of 24 million naira and you said he did the right thing.

Others bought ellahlakes at less than 4 naira and also made decent profit but you keep criticising them for reasons best known to you.
I thought reasonable and wise investors will not near ellahlakes even with a long spoon 🤔

The truth is gradually coming out.

EDUECO:
How will you feel,if you bought ₦400 million worth of ACCESSCORP in 2026; and in the year 2042 you collected ₦400 million as dividends for 2041 financial year?

This your example sweet me die. You would have used an example i fit afford. Say buy N500 thousand of ACCESSCORP in 2026 to gain N500 thousand dividend in 2041.

This was exactly why I left a group i joined. The guy will always say if you have invested 1 million naira in a particular stock, you would have made so so and so after appreciating by 40% as if who doesn't own 1 million naira doesn't invest.

jonnysessy:
This you example sweet me die. You would have used an example i fit afford. Say buy N500 thousand of ACCESSCORP in 2026 to gain N500 thousand dividend in 2041.

This was exactly why I left a group i joined. The guy will always say if you have invested 1 million naira in a particular stock, you would have made so so and so after appreciating by 40% as if who doesn't own 1 million naira doesn't invest.

Everyone is a billionaire online.

You can also quote your own billions here. It is free of charge.

https://tribuneonlineng.com/tinubu-i-was-not-elected-to-create-comfort-widows-widowers/?utm_source=&utm_medium=twitter#google_vignette

That is a president talking?