Agribusiness company Ellah Lakes Plc has unveiled plans to significantly expand its oil palm operations, with a target of planting 1,500 hectares in 2026 as part of its long-term strategy to boost earnings and drive sustainable growth.

Chief Executive Officer, Chuka Mordi, disclosed the plans in a company statement, explaining that the expansion would also involve the installation of a palm kernel oil (PKO) mill and the allocation of 100 hectares for livestock activities. The move, he said, is designed to bring all of Ellah Lakes’ land holdings in Iguelaba into full production and optimise utilisation of its crude palm oil mill.

“In 2026, the company plans to plant an additional 1,500 hectares of oil palm, install a Palm Kernel Oil (PKO) mill, and allocate 100 hectares for livestock activities. This will bring all our land holdings in Iguelaba into active production and enable full capacity utilisation of our crude palm oil mill,” Mordi explained.

He added that the company was building up its stock of seedlings to ensure uninterrupted operations while adopting forward-planning strategies across its operations to enhance efficiency and productivity.

L-R: Philip Anegbe, Assistant Vice President, Cardinalstone Securities Limited; Ajibola.Afolabi, Vice President , Kedari Capital Ltd; Akeem Oyawale, Managing Director, Marble capital Ltd; Bamidele Abdul, Managing Director, Golden Securities Limited; Chuka Mordi, Managing Director and Chief Executive Officer, Ellah Lakes Plc; Muyiwa Adeyemi; Managing Director, Atlas Portfolio Ltd.; Imeh Umana , Senior Manager, MBC Securities Ltd.; Chimera Ndubuisi - UCML Securities; Habeeb Amole, Executive Director, WCM Capital Ltd and Layi Olaleru, Executive Director, CSL Stockbrokers Ltd. during facility visit of Stockbrokers to Ellah Lakes’ factory in Edo State recently
Mordi also reiterated Ellah Lakes’ commitment to sustainable value creation, noting that once the company becomes cash-flow positive, the distribution of dividends would be its top priority. He expressed optimism about the oil palm sector’s growth prospects, pointing to population expansion and supply deficits as opportunities for investment.

As part of its sustainability agenda, the company is aligning its operations with the Roundtable on Sustainable Palm Oil (RSPO) standards, which emphasise environmental stewardship, labour rights, and community welfare.

During a recent engagement, Executive Director of WCM Capital, Habeeb Amole, speaking on behalf of stockbrokers, commended Ellah Lakes for its progress in land acquisition, plantation development, and nursery establishment. He described the company’s youthful and visionary board as a key strength, positioning Ellah Lakes as an attractive long-term investment option.

The expansion marks a pivotal step for Ellah Lakes as it seeks to consolidate its role in Nigeria’s agribusiness sector while balancing growth with sustainability.