Ellah Lakes Plc has announced plans for a transformative acquisition that will redefine its role in Nigeria’s agricultural landscape. The agro-industrial company is finalizing a deal to purchase Agro-Allied Resources & Processing Nigeria Limited (ARPN), a venture jointly owned by Singapore’s Tolaram Group and Valuestar Holdings PTE, with completion targeted for December 2025.
Under the agreement, Ellah Lakes will assume control of nearly 12,000 hectares of land, including extensive cassava plantations and vast tracts earmarked for future cultivation. The company views the acquisition as a gateway to scaling production, enhancing efficiency, and unlocking fresh opportunities in crop diversification and processing.
Chief Executive Officer Chuka Mordi described the move as a defining milestone for the company’s long-term vision.
“This acquisition significantly increases our production base and accelerates our journey toward becoming a major force in Nigeria’s agro-industrial sector,” he said.
The company’s transformation has been years in the making. Once dependent on fish farming, Ellah Lakes began redirecting its focus in 2019, following years of losses and operational disruptions caused by militant activities in the Niger Delta. Under new leadership, the firm pivoted to palm oil, rice, and sugar production — sectors offering higher margins and greater scalability.
Since then, Ellah Lakes has pursued partnerships aimed at expanding its industrial footprint. Notably, it entered a joint venture with Ada Rice Company in Enugu State and teamed up with Montserrado Investment to develop a 600-ton-per-day sugar refinery. In July, shareholders approved plans to raise ₦250 billion in fresh equity to support acquisitions and infrastructure growth.
The ARPN deal will integrate the company’s existing assets with new ones, reinforcing Ellah Lakes’ vertically integrated model — from cultivation and midstream processing to market distribution. The acquisition, still subject to clearance by the Federal Competition and Consumer Protection Commission, is projected to provide immediate operational scale and stronger revenue streams.
Madhukar Khetan, Managing Director of ARPN, welcomed the agreement, noting that it “demonstrates confidence in the robust agricultural systems built under ARPN and reflects shared goals for advancing Nigeria’s food security.”
Meanwhile, Tolaram Group, one of ARPN’s owners, has continued to expand its Nigerian portfolio. In 2024, it purchased Diageo’s majority stake in Guinness Nigeria, taking its ownership to 70.9%, further deepening its presence across key consumer and industrial sectors.
With the upcoming consolidation, Ellah Lakes is positioning itself not just as a grower but as a full-spectrum agro-industrial powerhouse — one capable of driving local production, reducing import dependency, and contributing meaningfully to Nigeria’s food and energy goals.
