Ellah Lakes Plc, a leading Nigerian integrated agricultural company, is set to accelerate its growth with a transformative acquisition and a substantial capital raise aimed at scaling its agro-processing operations. The company plans to acquire Agro-Allied Resources & Processing Nigeria Limited (ARPN), adding 10,400 hectares of uncultivated land and new high-demand crops to its portfolio, positioning itself for significant revenue growth in the coming years.
To fund this expansion, Ellah Lakes is simultaneously conducting a N235 billion ($162 million) share offer, which opened on 10 November and is due to close tomorrow, 5 December. The company is offering 18.8 billion ordinary shares at N12.50 each, a major increase from its pre-offer equity of just under 3.9 billion shares. At the offer price, the company’s market capitalization is projected to rise from N48.2 billion to N283.2 billion, with the potential to issue an additional 15% of shares in case of oversubscription. Applications can be submitted via the NGX Invest e-offer portal or through approved receiving agents, with minimum applications of 500 shares. Allocation statements are expected on 19 December, with new shares scheduled to list on 21 January 2026.
The funds raised will be directed toward organic and inorganic growth, capital expenditures, and working capital. Key allocations include N155 billion for the oil palm plantation acquisition, N45 billion for a High-Quality Cassava Flour (HQCF) processing plant, N8 billion each for an oil palm mill and a piggery, and N16 billion for general working capital.
ARPN, the target of the acquisition, controls over 22,000 hectares of land, operates processing infrastructure, and maintains supply relationships with major FMCG players, including Dufil Prima Foods. The company’s last twelve months’ revenue was N1.62 billion with N335 million profit, and projections indicate that by 2026 it could deliver N2.25 billion in tax-adjusted EBIT and N2.74 billion in free cash flow, with revenues expected to reach N76 billion by 2030.
Ellah Lakes’ financial history shows gradual progress, with revenue increasing from N0.8 million in 2024 to N67.1 million in 2025, while total assets stand at N31.1 billion. Equity covers cumulative losses of N5.6 billion, and debt totals N7.5 billion. The company also has one pending court case.
Founded in 1980 as a fish farming operation, Ellah Lakes became a public liability company in 1992 and listed on the Nigerian Stock Exchange in 1993. It ceased fish farming in 2016 due to security challenges in the Niger Delta, then shifted focus to staple crop production and agro-processing following its 2019 acquisition of Telluria Farms. Today, Ellah Lakes specializes in cassava, maize, and oil palm, with total land holdings targeted to reach 30,000 hectares across Nigeria and Ghana.
CEO Chuka Mordi said, “This share offer is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of N12.50 per share, we invite investors to participate in a clear growth trajectory built on diversified, resilient assets and robust processing capacity.”
