Ellah Lakes Plc, (NGX: ELLAHLAKES) has announced the signing of a share purchase agreement to acquire Agro-Allied Resources & Processing Nigeria Limited (ARPN) from ARPN PTE Ltd, Singapore.
This was disclosed by the company in a filing with the Nigerian Exchange on Friday.
The transaction, which follows shareholder approval at Ellah Lakes’ Extraordinary General Meeting in July, marks a significant step in the company’s expansion strategy.
Under the deal, Ellah Lakes will acquire 100% ownership of ARPN, gaining control of 11,783 hectares of cultivated farmland, including 6,280 hectares of oil palm plantations, 2,093 hectares of cassava fields, and 10,393 hectares of additional uncultivated land.
According to the company, the acquisition will more than double its operational footprint, enhance processing capacity, and strengthen Nigeria’s food security agenda. A key highlight of the deal is the age profile of the oil palm plantations, with 60% already entering peak productivity.
The deal is still subject to regulatory approvals, including clearance from the Federal Competition and Consumer Protection Commission (FCCPC). Closing is expected by December 2025.
Commenting on the acquisition, Chuka Mordi, Managing Director/CEO of Ellah Lakes said, “This acquisition will more than double our production footprint, accelerate earnings growth, and position us as a national champion in agro-industrial production”
Similarly, ARPN’s Managing Director, Madhukar Khetan, hailed the agreement as a milestone for the company, noting the successful cultivation of 6,280 hectares of palm seedlings in record time.
He said, “The acquisition by Ellah Lakes highlights the strength of the platform we have created and its alignment with Nigeria’s food security objectives.”
Founded in 1980 as a fish farming business, Ellah Lakes has evolved into a vertically integrated agribusiness, with operations spanning crop cultivation, processing, edible oils, animal feed, and agro-processing.
The acquisition of ARPN is seen as a key step in positioning the company as a leading player in West Africa’s agricultural sector.
Ellah Lakes has gained 9.96% today on NGX following the news of the acquisition. It’s currently trading at N13.47 per share having closed at N12.25 per share on Thursday.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
