Ellah Lakes Plc Plans Major Growth in Palm Oil Sector

Joe Attueyi, Chairman of Ellah Lakes Plc, expressed the company's commitment to delivering long-term value for shareholders during the company's 2025 financial year Annual General Meeting (AGM) held in Lagos. Attueyi outlined a clear pathway for operational expansion and value creation, emphasizing the company's entry into an execution-driven phase with a strong focus on scaling products and enhancing process capacity across its agricultural value chain.

He noted that the broader economic environment presents a mix of opportunities and constraints, with early indicators of macroeconomic stabilization in Nigeria, including moderate inflation and improved fiscal coordination. However, challenges such as high capital costs and security concerns continue to pressure the agricultural sector.

The board maintains a disciplined approach to preserve the company's fundamentals and make strategic decisions for sustainable long-term growth. Attueyi described 2025 as a defining period for Ellah Lakes, marking significant milestones, including the commissioning of the company's crude palm oil mill in Igueala.

The company has confirmed an agreement to develop a new 40-ton-per-day palm kernel oil processing mill, expected to become operational in the fourth quarter of 2026, which will deepen value capture within the palm value chain and support operational resilience.