Ellah Lakes Plc has received approval from the Securities and Exchange Commission (SEC) for its N235 billion public offer scheduled to open on November 10, 2025, marking one of the largest capital raises in Nigeria’s agribusiness sector.
The offer will enable the company to issue 18 billion new shares, funding the acquisition of Agro-Allied Resources and Processing Nigeria Limited (ARPN), a transaction set to transform Ellah Lakes into a vertically integrated agro-industrial leader.
The Managing Director, Chuka Mordi, described the planned offer as “a definitive statement of intent,” explaining that proceeds will consolidate Ellah Lakes’ position as “the undisputed leading indigenous agro-industrial giant in West Africa.”
He said the raise would finance the acquisition of ARPN and fund post-acquisition integration, including investments in refining and downstream processing.
Deputy Managing Director Paul Farrer added that a 20-tonne-per-hour mill would be installed at ARPN’s Edo State facility to complement Ellah Lakes’ existing 6-tonne-per-hour oil palm mill in Iguelaba. He described the capital raise as a necessary step to scale operations, improve efficiency, and unlock value across the company’s agricultural supply chain.
According to Mordi, the SEC approval marks the start of a new growth era: “We are building scale, strengthening our financial base, and laying a foundation for Nigeria’s agricultural industrialisation,” Mordi told journalists during a briefing in Lagos.
Key takeaways
- SEC Approval: Ellah Lakes secured regulatory clearance for its N235 billion public offer opening on November 10, 2025.
- Market Momentum: As of Thursday, November 6, the stock price closed at N10.85 after losing -4.549%. It reached a year high of N17.66 per share on Wednesday, August 13, 2025. Ellah Lakes’ stock has surged +243% year-to-date.
- Revenue Turnaround: Quarterly revenue rose to N68.7 million (April 2025), from just N416,000 a year earlier — suggesting operational recovery.
- High trading liquidity: Recent trading volumes exceed 800 million shares monthly, suggesting strong investor confidence.
ARPN Acquisition
Recently, the company announced the acquisition of Agro-Allied Resources and Processing Nigeria Limited.
- Under the deal, the company will assume ownership of nearly 20,000 hectares of farmland, including 6,300 hectares of oil palm, 2,100 hectares of cassava, and an additional 10,400 hectares earmarked for expansion.
The transaction also includes a $25 million cassava processing plant capable of 600 metric tons of daily processing and 300 tons of flour milling, giving Ellah Lakes a major foothold in Nigeria’s starch and food ingredients market.
Farrer described ARPN’s portfolio as “a strong mix of productive assets and untapped potential.”
“About 60% of the oil palms are already in their peak productive years, with another 30% nearing maturity. This translates into immediate and growing cash flows,” he said.
He noted that ARPN’s guaranteed off-take agreements ensure immediate market access and predictable revenues, while its infrastructure provides a foundation for integrated growth in oil palm and cassava, two commodities critical to Nigeria’s food security and industrial raw material base.
Capital restructuring
The upcoming public offer builds on a wave of financial restructuring by Ellah Lakes over the past 18 months.
In 2024, the company converted N3.1 billion in shareholder loans into equity, improving its balance sheet and reducing leverage
Earlier this year, shareholders approved a plan to raise up to N250 billion through a combination of private placements and public offerings to finance acquisitions, expand plantations, and strengthen refining capacity.
While Ellah Lakes posted a net loss of N893.9 million in FY2024 due to high costs, its fortunes have turned around in 2025.
- For the quarter ended April 2025, revenue jumped to N68.7 million, compared to just N416,000 in the same period last year, a signal of operational recovery and improved productivity.
