Ellah Lakes To Complete Agro Allied Resources Acquisition In March

Ellah Lakes Plc has said its planned acquisition of Agro Allied Resources and Processing Nigeria Limited remains on track for completion by the end of the first quarter of 2026, despite the unsuccessful outcome of its recent public offer.

The company disclosed this in a statement announcing the close of its public offer, which sought to raise up to ₦235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at a subscription price of ₦12.50 per share.

The offer, which opened on November 10, 2025, and closed on December 19, 2025, did not achieve the minimum subscription level required for allotment. Consequently, the company said no shares would be allotted and all subscription monies received would be refunded to investors in line with the terms of the offer.

Despite the setback, Ellah Lakes said the acquisition of Agro Allied Resources and Processing Nigeria Limited remains a key strategic priority and is progressing as planned, subject to final approvals and closing conditions.

The company noted that the transaction is expected to strengthen its operational footprint, improve scale efficiencies, and enhance its capacity for long term value creation.

Chief Executive Officer of Ellah Lakes Plc, Chuka Mordi, said the acquisition represents an important step in the company’s growth and transformation agenda.

He said the company remains focused on improving operational efficiency, increasing yield across its plantations, and diversifying its product portfolio across palm oil and cassava value chains.

Mordi added that the acquisition would support Ellah Lakes’ vertical integration strategy and position the company for sustainable growth, while reaffirming its commitment to executing the transaction responsibly and maintaining an appropriate capital structure.

He also assured stakeholders that the company would continue to provide updates as it progresses toward completing the acquisition by the end of the first quarter of 2026.

Ellah Lakes appreciated investors for their participation in the public offer and reiterated its commitment to transparent engagement with all stakeholders as it advances its strategic objectives.