24/02/2026
HOW DOES A PUBLIC COMPANY PAY ₦2.8 BILLION IN SALARIES… BUT MAKE ONLY ₦147 MILLION IN 6 YEARS?
Investors, let’s talk numbers — because the maths must make sense.
Here’s what the financials show for Ellah Lakes Plc 👇
📌 2020 – ₦0 revenue, ₦120.6m personnel expenses
📌 2021 – ₦0 revenue, ₦168.9m personnel expenses
📌 2022 – ₦0 revenue, ₦244.6m personnel expenses
📌 2023 – ₦0 revenue, ₦462.3m personnel expenses
📌 2024 – ₦780k revenue, ₦0 cost of sales, ₦591.4m personnel expenses
📌 2025 – ₦146.6m revenue, ₦1.2 BILLION personnel expenses
Now pause.
In 6 years, total revenue ≈ ₦147.4 million.
Total personnel expenses ≈ ₦2.8 BILLION.
Let that sink in.
This is why investing is not about vibes, hype, or Twitter threads.
It’s about reading financial statements and asking uncomfortable questions.
Because:
✔️ Revenue tells you if a company is selling.
✔️ Costs tell you if management is disciplined.
✔️ Trends tell you the real story.
If salaries are rising but revenue is barely moving…
What exactly is growing? 🤔
This is not an attack.
This is financial literacy.
Before you buy any stock:
Check revenue growth.
Check expenses.
Check sustainability.
Check if the numbers align.
Because in the stock market, emotion is expensive.
We will learn investing together. No hype. Just facts. 📊
If the maths isn’t mathing, don’t ignore it.
