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.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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