Ellah Lakes Plc: Chuka Mordi’s Broken Promises and N235bn IPO Debacle

In 2019, Chuka Mordi took the helm at Ellah Lakes Plc as CEO and Managing Director. He outlined an ambitious plan: pay dividends by 2024, list on the London Stock Exchange, build a N1 trillion business, commission a 1,000-ton mill, and expand across West Africa. Each target has now failed. His N235 billion public offer collapsed without reaching the minimum subscription. Over N1.7 billion was spent on the attempt, yet investors saw no returns and share prices plunged. This outcome has deepened apathy on the Nigerian Exchange. Retail investors feel used to prop up liquidity while insiders allegedly sold shares without proper SEC filings. With regulators reportedly preparing to deregister the company, Ellah Lakes’ collapse serves as a warning. Ambitious goals require solid delivery to protect investor confidence.

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