Ellah Lakes Plc has secured approval from the Securities and Exchange Commission to launch a N235 billion public offer opening on November 10, 2025.
At a media parley in Lagos, Managing Director Chuka Mordi said the company plans to issue 18 billion new shares as part of the offer. He explained that proceeds from the raise will fund the acquisition of Agro-Allied Resources and Processing Nigeria Limited (ARPN).
The deal adds nearly 20,000 hectares of farmland to Ellah Lakes’ portfolio, including 9,700 hectares already under cultivation, with 6,300 hectares of oil palm and 2,100 hectares of cassava, as well as 10,400 hectares earmarked for expansion.
It also brings a $25 million cassava processing plant in Edo State capable of handling 600 metric tons daily and milling 300 tons of flour, complete with guaranteed offtake agreements for immediate revenue.
Deputy Managing Director Paul Farrer stated that 60 per cent of the acquired oil palms are in peak production, and another 30 per cent are nearing maturity, ensuring a strong cash flow from day one.
A new 20-tonne-per-hour mill will be installed at the facility, working alongside the company’s existing 6-tonne-per-hour unit at its Iguelaba plantation.
Mordi called the capital raise a clear signal of intent to establish Ellah Lakes as West Africa’s leading indigenous agro-industrial player. Since he arrived in 2019, the company has rebuilt through a reverse takeover by Telluria Limited, a N2.9 billion rights issue, and targeted mergers to strengthen its balance sheet.
The strategy targets Nigeria’s vast palm oil import gap, where local supply meets only 60 per cent of demand, while deepening vertical integration and value-added processing in both palm oil and cassava.
Administrator and Writer
