Economy
Ellah Lakes Generates Zero Revenue in 9 months, Posts N25m Operating Loss
By Dipo Olowookere
Despite acquiring a 100 percent stake in Telluria Limited in mid-2019, Ellah Lakes Plc was unable to generate any revenue in the first nine months of its present financial year.
Ellah Lakes, a company established in 1980 and has its headquarters in Edo State, specialises in fish farming.
On Tuesday, the financial statements of the firm for the third quarter of the year ended April 30, 2020, were released by the Nigerian Stock Exchange (NSE) and a brief analysis of the books by Business Post showed that no revenue was generated during the period.
However, the coy had N33,000 as other income in the third quarter of the year and this was from the gain on foreign exchange (Forex). But in the same period of last year, nothing was recorded by the company under this category.
Also, in Q3 of 2020, according to the organisation, the administrative costs were N1.1 million and on a year-to-date note, it stood at N12.2 million. In the same period of last year, nothing was recorded.
In addition, the personnel expenses stood at N23.5 million in Q3 2020 and for the year so far, the costs have hit N91.8 million. In Q3 of 2019, Ellah Lakes recorded nothing for the category of its financial report.
The company said in the third quarter of this year, it has recorded an operating loss of N24.8 million and on a year-to-date level, the operating loss stood at N100.5 million.
In the results, the firm said the value of its raw materials as at the close business of April 30, 2020, was N40.3 million versus N42.0 million as of April 20, 2019, while borrowings, majorly a term loan, remained flat at N597.0 million.
Recall that in January 2019, the management of Ellah Lakes promised to conclude its restructuring exercise before the end of March 31, 2019.
Before then, at a board meeting held on November 29, 2018, the arm of the company approved a full and final settlement of the N589.5 million debt owed to Chief J.W. Ellah Sons & Company Limited.
Last June, the company, shortly after acquiring Telluria Limited, listed additional 1.888 billion ordinary shares on the NSE, raising its total issued and fully paid-up shares from 120 million units to 2 billion units.
Ellah Lakes, after the transaction, announced a Director in Telluria, Mr Chuka Mordi, as its new Managing Director effective June 12, 2019, taking over from Mr Frank Ellah, founder of Ellah Lakes, who moved on to new pursuits.
In September 2019, the Chief Financial Officer (CFO) of Ellah Lakes, Mr Wole Onasanya, resigned from the position “to pursue other opportunities within the Nigerian financial services sector.”
Share of Ellah Lakes, which have the Below Listing Standard (BLS) mark, have remained flat at N2.45 per unit.
By Adedapo Adesanya
The Nigerian Shippers Council (NSC) has reiterated its commitment to prioritising shipping activities and promoting importers and exporters in the country.
The Executive Secretary of the Council, Mr Pius Akutah, in a statement on Wednesday, said this after a familiarisation visit to the North East Zonal Directorate in Bauchi State.
The visit marked a strategic step in assessing the activities of the council in the region and reinforcing its role in trade facilitation and port economic regulation.
“The purpose of the visit was to promote regional integration in shipping activities and support exportation.
“This aligns with the current administration’s goal of enhancing the nation’s resources through the blue economy.
“We have had interactive meeting with stakeholders aimed at advancing shipping activities in the region and the role of shippers’ association in representing the interests of importers and exporters.
“The NSC is committed to improving ease of doing business,” he said.
On the Inland Dry Ports project in Bauchi, an initiative by the state government, Mr Akutah said it was laudable as it would attract both import and export activities to the area.
By Adedapo Adesanya
UBN Property Plc further sank the NASD Over-the-Counter (OTC) Securities Exchange in the red territory by 0.48 per cent on Wednesday, April 23.
The property investment company lost 7 Kobo of its share value to settle at N2.10 per unit compared with the preceding day’s price of N2.17 per unit.
As a result, the market capitalisation of the bourse went down by N9.19 billion to N1.908 trillion from N1.917 trillion and the NASD Unlisted Security Index (NSI) slumped by 105.70 points to 3,259.08 points from the previous session’s 3,274.78 points.
There was a 500.5 per cent rise in the volume of securities transacted in the midweek session to 1.05 million units from the 174,634 units traded in the previous trading day.
However, the value of transactions decreased by 9.1 per cent to N2.6 million from N2.86 million and the number of deals dropped by 31.3 per cent to 11 deals from 16 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.8 million units for N572.0 million, and Impresit Bakolori Plc with a turnover of 533.9 million units worth N520.9 million.
By Aduragbemi Omiyale
Between April and June 2025, the federal government intends to sell bonds between N900 billion and N1.2 trillion to investors.
This information was revealed by the Debt Management Office (DMO) in its Bond Issuance Calendar for Q2 2025
The sales will take place once in a month, precisely on April 28, May 26, and June 23, according to the data released by the DMO.
It was stated that the debt office will offer the debt instrument in two maturities, with N300 billion and N400 billion offered for sale at each auction.
In April and May, the DMO will reopen the 19.30 per cent FGN APR 2029 and 19.89 per cent FGN MAY 2033 bonds, and in June, it will introduce the FGN JAN 2030 and FGN JAN 2032 and five and seven-year, respectively.
In April, the APR 2029 bond will have a remaining tenor of four years, while the MAY 2033 bond will have six years and one month left.
By May, those terms shorten to three years and eleven months, and six years, respectively. Both bonds retain their original coupon rates of 19.30 per cent and 19.89 per cent.
The DMO has also released details for its April auction. The Federal Government plans to raise N350bn through the reopening of the APR 2029 and MAY 2033 bonds.
According to the circular, N200bn will be offered in the APR 2029 and N150bn in the MAY 2033. The auction will be held on Monday, April 28, with settlement on Wednesday, April 30.
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