Ellah Lakes, a public quoted company on the Nigeriaan Stock Exchange has revealed a complete shift in its strategic focus going forward.
Managing Director of Ellah Lakes, Chuka Mordi made this disclosffure on the occasion of the company’s Fact Behind the Listing excercise on the Nigeriaan Stock Exchange, Monday
The Managing Director maintained that the strategic focus of the company with its acquisition of Telluria Farms, is Oil P.alm cultivation and processing.
He explained that Ellah Lakes is poised to take advantage of opportunities in the Nigeriaan oil palm value chain insisting that a larhe market currently exists for their output which is now augmented with import from other countries.
He further stated that the fish business for which the company was previously known is now history as it’s major focus at least in the short to medium term is palm oil processing.
Chief Financial Officer of Ellah Lakes,Wole Onasanya explaining further said the strategic shift in the operations of the company with the acquisition of Telluria Farms, is to grow its land bank to 10,000 hectares by year end and upward to 20,000 hectares and 30,000 hectares by year 2021.
According to him, the demographics ssuch as abundant arable land, supportI’ve government policies, compelling. Industry dynamics and attractive business economics support additional investment in oil palm sector
The three year target, he explained is to increase the milling and refining capacity to 20 metric tonnes per hour and about 30,000 hectares of cultivated arable land.
Mr. Chuka further maintained that the whole essence of the acquisition and strategic focus change is create value for shareholders.