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 equity market showed no signs of slowing down, as it further appreciated by 1.30 per cent on Friday on the back of sustained buying pressure.
Unlike the preceding sessions, investor sentiment was bullish yesterday after the Nigerian Exchange (NGX) Limited ended with 43 price gainers and 26 price losers, implying a positive market breadth index, the first this week.
UPDC gained 10.00 per cent to close at N4.40, Academy Press also appreciated by 10.00 per cent to quote at N7.70, Haldane McCall improved by 9.97 per cent to N3.97, Zichis soared by 9.94 per cent to N15.60, and Wema Bank added 9.84 per cent to settle at N31.25.
Conversely, Meyer lost 9.92 per cent to sell for N16.80, Trans-Nationwide Express also crashed by 9.92 per cent to end at N7.90, C&I Leasing slipped by 8.53 per cent to N5.90, Omatek dipped by 7.34 per cent to N2.02, and eTranzact decreased by 5.28 per cent to N17.05.
When the bourse closed its doors to business, the All-Share Index (ASI) rose by 2,884.81 points to 225,722.49 points from 222,837.68 points, and the market capitalisation grew by N1.858 trillion to N145.335 trillion from N143.477 trillion.
A look at the activity chart showed that market participants transacted 627.6 million shares worth N44.5 billion in 55,232 deals during the trading day compared with the 667.9 million shares valued at N38.1 billion traded in 53,062 deals a day earlier.
This indicated that the volume of transactions went down by 6.03 per cent, the value of trades went up by 16.80 per cent, and the number of deals jumped by 4.09 per cent.
Access Holdings closed the session as investors’ toast, with a turnover of 75.6 million units worth N2.4 billion. UBA transacted 43.1 million units valued at N2.3 billion, Wema Bank exchanged 41.5 million units for N1.3 billion, Zenith Bank traded 38.4 million units valued at N5.2 billion, and Universal Insurance sold 29.5 million units for N35.9 million.
By Aduragbemi Omiyale
Mr Taiwo Oyedele has set some goals he intends to achieve as Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
While taking over from his predecessor, Mr Wale Edun, on Thursday, the tax expert assured that he has no plans to overturn some of the reforms already put in place by the former occupier of the seat.
In a message on Friday, he emphasised that, “Our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”
He promised to ensure fiscal discipline by embracing transparent and prudent management of public resources, while also harmonising revenue administration, broadening the tax base, reducing the burden on the vulnerable population, and supporting economic growth.
Mr Oyedele further said his other strategic priorities include creating a predictable and investor-friendly environment anchored on policy coherence, consistency, and clarity; and aligning efforts across all tiers and institutions to maximise policy impact.
He also said efforts would be made to deepen collaboration with the private sector and other key stakeholders for data-driven policy design, co-implementation, and feedback for continuous improvement.
According to him, “Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”
“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy,” he stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn