FRI, JUNE 14 2019-theG&BJournal-Ellah Lakes Plc yesterday announced the acquisition of 100% equity stake in Telluria Limited (“Telluria”), effective May 7th, 2019 as well as the appointment of Mr. Chuka Mordi as Managing Director, effective June 12th, 2019. Mr. Mordi takes over from Mr. Frank Ellah.
According to Ellah Lakes, the fish farming and agricultural related firm saidthe acquisition was approved by the Nigerian Stock Exchange and by the Securities and Exchange Commission having complied with all the necessary regulatory requirements,
‘’The primary objective of the acquisition is to strengthen Company’s balance sheet, restore customer confidence, provide access to new markets, improve operations and create organizational efficiencies that will drive profitability and increase shareholders’ value,’’ management of the company said.
It added that the Board of Directors and Management of Ellah Lakes consider this business combination to be in the best interest of the Company and expect the transaction to revitalize management, create access to diversified expertise and financial strength, improve administrative and operational and efficiencies of the Company and strengthen the Company’s market position by aiding access to new products and markets as well as deliver value to shareholders.
The appointment of Mr. Chuka Mordi was made at a board meeting of the company on June 12th 2019 and follows the board’s agreement to a business combination with Telluria Limited.
Prior to this appointment by Ellah Lakes Plc, Mr Mordi was a Director in Telluria and the Managing Partner of CBO Investment Management.
Commenting on his appointment, Mr Mordi said: “I am very excited to be taking up the position of Ellah Lakes Managing Director. The combination of Ellah Lakes and Telluria establishes a platform with a significant existing land portfolio, access to finance and investments in the domestic production of oil palm, & a variety of cash crops. I look forward to an exciting future as we put Ellah Lakes back on a path to growth.”
Mr. Mordi has an impressive track record across all segments of finance both in Nigeria and the United Kingdom. He has over two and a half decades of experience in private equity investing, investment banking, and investment research.
Mr. Mordi has been responsible for oversight of the CBO’s management and investment activities and currently sits on the boards of CBO portfolio companies. In addition, Mr. Mordi led the firm’s efforts in publishing and distributing proprietary Africa macro and sector research, producing investment conferences, and developing active CSR programs.
Mr. Mordi began his career as an Equities Analyst at SBC Warburg, before moving to Hardman & Co. Ltd. where he focused on UK AIM stocks. At InterSec Research Corp. he led the Global Investment Management Research Team for Europe (UK) & the Far East (Japan & Singapore).
At Societe Generale Asset Management (SGAM) UK, he covered European Emerging Market Equities and worked on Asset Allocation and Economic analysis. Prior to launching CBO Investment Management in 2009, Mr. Mordi was Head of Infrastructure Financing at First City Monument Bank. Mr. Mordi holds a Philosophy degree from King’s College, University of London.
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