Economy
Ellah Lakes Works to Improve Cash Flow, Pay Dividends
By Dipo Olowookere
Shareholders of Ellah Lakes Plc may soon begin to get a reward for their loyalty and investment in the company as the board and management are working hard to make them smile.
Ellah Lakes is one company on the exchange struggling to remain afloat and at the moment, it is undergoing a transformation after a change of management.
The new team led by Mr Chuka Mordi is optimistic that the business will return to profitability and reposition itself as a leading agribusiness player in West Africa.
Recently, the firm sealed an agreement with the Ondo State Government for the joint development and management of 5,000 hectares of land for the cultivation of oil palm and cassava.
On Wednesday, the management of Ellah Lakes was at the Nigerian Exchange (NGX) Limited to present its 2019/2020 financial year to capital market stakeholders on the Facts Behind the Figures platform.
At the virtual event hosted by the Divisional Head of Listings Business at NGX, Mr Olumide Bolumole, the Chief Agronomist at Ellah Lakes, Mr Jamie Rixton, said the main focus of the management at the moment is to improve the cash flow of the organisation and ultimately start paying dividends to shareholders.
In his contribution, the MD of Ellah Lakes, Mr Mordi said the company is also “working together with our advisers and the exchange on ensuring that the required free float percentage is achieved in the shortest possible time.”
He assured shareholders that efforts would be made to give them value for their money, noting that, “From a corporate governance point of view, we hold ourselves to high standards of governance as expected by our shareholders and regulator, and as is befitting of our vision to become the leading supplier of sustainable edible oils and starch to the FMCG industry in Nigeria, particularly, and West Africa, in general.”
“Prior to 2019, Ellah Lakes Plc was an insolvent entity on NGX. Later that year, Telluria Ltd completed a reverse acquisition of the company, recapitalising the balance sheet and repositioning the business for growth with a new board and management team.
“Today, we are undergoing a restructuring exercise, which will return the business to profitability and reposition it as a leading agribusiness player across West Africa,” he assured.
Earlier in his remarks, Mr Bolumole commended the management for the progress recorded so far, adding that he was impressed that the team found it worthy to update the market about their plans.
“Given that the market is driven by timely, relevant, and accurate information, interactions with the market are vital for transparency, price discovery and overall performance of securities. I must, therefore, commend the board and management of Ellah Lakes for partaking in this Facts Behind the Figures,” he said.
“Given the invaluable contributions of the agricultural sector to the Nigerian economy, Ellah Lakes Plc continues to exploit the opportunities in the sector.
“The company’s recent agreement with the Ondo State Government for the joint development and management of 5,000 hectares of land for the cultivation of oil palm and cassava highlights its drive and commitment towards creating value for shareholders,” Mr Bolumole added.
“On our part at NGX, we continue to implement policies aimed at strengthening the corporate governance of our listed companies and providing products, services and platforms that are aligned to issuers’ and investors’ requirements in a fair and orderly market,” the NGX top shot promised.
The NGX Fact Behind The Figures presentation provides our listed companies with the opportunity to inform the market of their financial performance as well as other strategic and operational developments.
Since the activation of remote trading and working from home in March 2020, NGX has transitioned this engagement into a virtual session thereby opening up the platform to more participants across the capital market ecosystem.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited managed to finish in the green territory on Monday after it marginally closed higher by 0.01 per cent.
The last minute escape from the bears was triggered by the gains posted by large-cap equities like Zenith Bank, Aradel Holdings and others, offsetting the losses recorded by GTCO, Oando, First Holdco and others.
According to data obtained by Business Post, only 29 stocks ended on the gainers’ chart, while 44 equities landed on the losers’ table, indicating a negative market breadth index and weak investor sentiment.
Universal Insurance rose by 10.00 per cent to sell for N1.32, Premier Paints appreciated by 10.00 per cent to N11.00, DAAR Communications improved by 9.93 per cent to N1.55, RT Briscoe increased by 9.92 per cent to N8.64, and Morison Industries advanced by 9.91 per cent to N10.98.
On the flip side, Omatek declined by 10.00 per cent to N2.70, Union Homes REIT declined by 9.96 per cent to N85.40, AXA Mansard shrank by 9.94 per cent to N14.31, Deap Capital decreased by 9.90 per cent to N8.46, and C&I Leasing moderated by 9.80 per cent to N6.90.
On the first trading session of this week, market participants bought and sold 762.8 million shares valued at N18.4 billion in 55,374 deals compared with the 687.4 million shares worth N15.0 billion traded in 41,553 deals last Friday, a spike in the trading volume, value, and number of deals by 10.97 per cent, 22.67 per cent, and 33.26 per cent, respectively.
Tantalizers ended the day as the most active stock with 88.5 million units sold for N329.4 million, Zenith Bank traded 40.2 million units worth N2.9 billion, Veritas Kapital transacted 39.2 million units valued at N92.1 million, Universal Insurance exchanged 29.3 million units for N38.1 million, and First Holdco transacted 27.6 million units worth N1.1 billion.
The sectorial performance yesterday showed that the mood of investors was in the sell region despite the slight growth recorded by Customs Street, as only the energy index closed in green, rising by 2.00 per cent.
The insurance counter was down by 1.99 per cent, the banking industry depleted by 0.64 per cent, the consumer goods shrank by 0.37 per cent, and the industrial goods retreated by 0.08 per cent.
When the first trading day of February 2026 ended on Monday, the All-Share Index (ASI) went up by 14.23 points to 165,384.63 points from 165,370.40 points, while the market capitalization chalked up N9 billion to finish at N106.162 trillion compared with the previous session’s N106.153 trillion.
By Adedapo Adesanya
The two major crude oil grades in the global market fell by more than 4 per cent per barrel on Monday after the most recent tensions between the United States and Iran appeared to have eased.
Brent crude futures went down by $3.02 or 4.4 per cent to settle at $66.30 per barrel, while the US West Texas Intermediate (WTI) crude futures declined by $3.07 or 4.7 per cent to $62.14 per barrel.
Last week, markets reacted to the renewed tension in the world’s most important oil-producing and exporting region, and oil prices soared.
However, this weekend, US President Donald Trump said that he believes Iran is “seriously” talking with the US, adding he hopes that negotiations could lead to an “acceptable” deal with the member of the Organisation of the Petroleum Exporting Countries (OPEC).
Market analysts noted that with the US President facing weak poll numbers, a military escalation that risks pushing petrol prices sharply higher appears unlikely ahead of the November midterm elections.
Prices were also pressured by a stronger US Dollar and milder weather forecasts. The American currency strengthened as currency traders cheered President Trump’s nomination of Kevin Warsh as the next Federal Reserve chair. A stronger Dollar makes oil more expensive for investors using other currencies.
US futures prices for diesel, used in heating and power generation, fell more than 6 per cent triggered by forecasts of milder weather in the US, the world’s largest oil consumer.
OPEC+ agreed to keep its oil output unchanged for March at a meeting, the producer group said on Sunday. The brief meeting reaffirmed that decision for March, after earlier gatherings did the same for January and February.
The eight producers – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – raised production quotas by about 2.9 million barrels per day from April through December 2025, roughly 3 per cent of global demand.
In November, the group froze further planned increases for January through March 2026 because of seasonally weaker consumption.
Four OPEC+ producers that have been pumping crude above their respective quotas have filed with the OPEC Secretariat updated compensation plans through June 2026, OPEC said on Monday.
The countries: Iraq, the UAE, Kazakhstan, and Oman filed updated plans to compensate for pumping above OPEC+ quotas through June 2026.
By Aduragbemi Omiyale
The duo of Presco Plc and Guaranty Trust Holding Company (GTCO) Plc has listed additional shares on the Nigerian Exchange (NGX) Limited.
The extra equities of these two publicly-listed organisations were admitted to the local stock exchange last Friday, increasing their respective total issued and fully paid-up shares.
For Presco, it listed fresh 166,666,667 ordinary shares of 50 Kobo each on the daily official list of the NGX on Friday, January 30, 2026, increasing its total issued and fully paid-up stocks from 1,000,000,000 units to 1,166,666,667 units.
The additional equities were from the rights issue of the firm allotted to shareholders on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
In a circular issued over the weekend, the NGX said, “Trading licence holders are hereby notified that additional 166,666,667 ordinary shares of 50 Kobo each of Presco Plc were on Friday, January 30, 2026, listed on the daily official list of Nigerian Exchange (NGX) Limited (NGX).
“The additional shares arose from the company’s rights issue of 166,666,667 ordinary shares of 50 Kobo each at N1,420.00 per share on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
“With the listing of the additional 166,666,667 ordinary shares, the total issued and fully paid-up shares of Presco Plc has now increased from 1,000,000,000 to 1,166,666,667 ordinary shares of 50 Kobo each.”
As for GTCO, it listed additional125,000,000 ordinary shares of 50 Kobo each at N80.00 per unit offered through private placement.
The fresh equities taken to Customs Street have raised the total issued and fully paid-up shares of GTCO from 36,425,229,514 to 36,550,229,514 ordinary shares of 50 Kobo each.
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