Ellah Lakes Plc has announced the extension of its public offer for 18.8 billion shares at N12.50 each, following a surge in investor interest.
Initially scheduled to close on 5 December 2025, the offer will now remain open until 19 December 2025, with approval granted by the Securities and Exchange Commission (SEC).
The public offer is part of Ellah Lakes’ broader strategy to expand its reach within the agricultural sector, particularly through its vertically integrated business model.
The company’s management highlighted the extension as a response to investor appetite and a commitment to ensuring broad participation in shaping the future of food security across Africa.
Backstory
Ellah Lakes Plc has been strategically positioning itself for robust growth through a series of major corporate actions.
On 29 July 2025, the company announced the successful conclusion of its Extraordinary General Meeting (EGM), where shareholders approved several significant resolutions that marked a pivotal phase in Ellah Lakes’ growth and repositioning.
Among the resolutions passed were:
- Approval for the acquisition of a significant agricultural asset, which will expand Ellah Lakes’ operational footprint and processing capacity.
- Authorization to raise up to N250 billion in new equity capital through various equity issuance mechanisms to fund the acquisition and other strategic initiatives.
- Increase in the authorized share capital to accommodate the forthcoming capital raise and related transactions.
Chuka Mordi, the company’s Managing Director/CEO, expressed that these resolutions aligned shareholders with the company’s strategic vision.
The moves are expected to contribute N200 billion to Ellah Lakes’ balance sheet and generate significant revenue growth by 2026.
The company also highlighted updates such as the commissioning of a 5-ton Crude Palm Oil (CPO) processing mill, and the launch of a piggery initiative as part of its diversification strategy.
On 8 October 2025, Ellah Lakes took another significant step in its expansion strategy by announcing an agreement to acquire Agro-Allied Resources & Processing Nigeria Limited (ARPN).
This acquisition follows shareholder approval from the July EGM and will see Ellah Lakes acquire 100% of ARPN’s shares.
- The assets include over 11,000 hectares of cultivated land, primarily used for oil palm and cassava plantations, and an additional 10,000 hectares of uncultivated land.
- The oil palm plantations are well-positioned for sustained productivity, with most trees over four years old entering peak productivity.
- This acquisition will significantly enhance Ellah Lakes’ processing capacity, crop diversification, and vertical integration.
The deal is set to position Ellah Lakes to double its production footprint and accelerate earnings growth.
After the announcement of the agreement to acquire Agro-Allied Resources & Processing Nigeria Limited (ARPN) on 8 October 2025, Ellah Lakes Plc officially opened its public offer on 10 November 2025 to raise N235 billion through the issuance of 18,800,000,000 ordinary shares at N12.50 per share.
The net proceeds, estimated at N232.2 billion, are earmarked to support the acquisition of ARPN, bolster Ellah Lakes’ operational expansion, and meet its working capital requirements.
The offer, initially scheduled to close on 5 December 2025, has now been extended until 19 December 2025 to accommodate rising investor interest.
What you need to know
Ellah Lakes’ share price has experienced significant growth this year.
Following the opening of its public offer in November 2025, the stock closed the month on a high, gaining 6.95% in November alone, despite the broader market suffering a N6.5 trillion loss during the same period.
At the start of the year, Ellah Lakes’ share price was N3.16. Since then, the company’s stock has surged by 333%, making it the fifth-best performer on the NGX in terms of year-to-date performance.
Over the past four weeks, the stock has gained 16%, ranking it sixth on the exchange during that period.
As a result, Ellah Lakes’ market capitalization has grown to N52.8 billion, significantly outpacing its net assets of N22.357 billion.
Looking ahead, with the N235 billion capital raised from the public offer and the acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN), Ellah Lakes is set to expand its revenue base by more than twentyfold.
- Additionally, its total assets are expected to increase to about N316 billion, with shareholders’ funds projected to rise to around N271 billion.
In terms of future earnings, ARPN is expected to contribute significantly to Ellah Lakes’ growth.
- By 2026, ARPN is forecast to deliver N2.25 billion in tax-adjusted EBIT and N2.74 billion in free cash flow.
- Revenue from ARPN is projected to reach N76 billion by 2030.
