Ellah Lakes To Refund Investors After Unsuccessful Public Offer

…Insists On Agro-Allied Resources acquisition

Ellah Lakes Plc has confirmed that its public offer closed without meeting the minimum subscription threshold. As a result, no shares will be issued, and all funds received from applicants will be returned.

The company stated this in a release to the investing public on the Nigerian Exchange (NGX) Limited.

Recall that Ellah Lakes on December 19, 2025 concluded its public offer for subscription of up to 18.800 billion ordinary shares of 50 kobo each at a subscription price of N12.50 per share, representing an equity raise of up to N235 billion.

The Company stated that “at the close of the offer period, the level of subscription did not meet the minimum threshold required for allotment. Consequently, no shares will be allotted pursuant to the Offer. In accordance with the terms of the offer, subscription monies received will be refunded to applicants in line with the procedures set out in the offer documents.

“The Company appreciates the interest shown by investors during the offer period and remains committed to maintaining transparent communication with all stakeholders.”

Ellah Lakes disclosed that the acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN) remains a strategically important milestone for Ellah Lakes’ long-term growth and transformation agenda.

The Company confirmed that the acquisition process is ongoing, and subject to final conditions and approvals, is expected to close by the end of first quarter (Q1) 2026, saying that the acquisition is expected to mark a significant milestone in Ellah Lakes’ trajectory, strengthening its operational footprint and positioning the Company for enhanced scale, improved efficiencies, and long-term value creation.

Speaking on the update, the chief executive officer of Ellah Lakes, Chuka Mordi, said, “Ellah Lakes’ strategic direction remains focused on driving operational efficiency, maximising the productivity of our existing plantations, and achieving a significant increase in yield per hectare over the coming years.

“We are also committed to diversifying our product mix and enhancing vertical integration across palm oil and cassava, positioning the Company for sustainable growth and long-term value creation.”

He added that “in parallel, the acquisition of ARPN represents a complementary milestone that, once completed, will strengthen our operational footprint and support the Company’s broader transformation agenda.

“We remain disciplined in executing the transaction responsibly and securing the appropriate capital structure. We are confident that, upon closing, this transaction will mark a transformative milestone in Ellah Lakes’ growth journey and create sustainable value for our shareholders.”