Ellah Lakes To Refund Investors As Public Offer Fails

Investors who subscribed to the N235 billion Public Offer of Ellah Lakes Plc are set to receive full refunds after the company announced that the share sale failed to meet the minimum subscription threshold required for allotment.

The company disclosed that the Public Offer for 18.8 billion ordinary shares at N12.50 per share, which closed on December 19, 2025 following an extended offer period, was unsuccessful. Consequently, no shares will be allotted to subscribers.

In a communication to investors, the company stated that the Offer “did not meet the minimum subscription threshold required for allotment,” adding that it has therefore been declared unsuccessful in line with the terms of the transaction.

Assuring investors of compliance with regulatory requirements, the company confirmed that all subscription monies will be refunded in full. According to the notice, “Full refunds of all subscription monies will be made to investors,” while adding that the refunds “will be deposited directly into your bank account.”

The company further stated that it is closely monitoring the refund process and will notify investors once the funds have been fully credited.

The offer had been positioned as a major capital raising exercise aimed at unlocking growth in large-scale agriculture and agro-processing.

Despite the failed offer, Ellah Lakes maintained that its proposed acquisition of Agro Allied Resources and Processing Nigeria Limited remains on course. The company said the transaction is expected to be completed by the end of the first quarter of 2026, subject to final approvals and alternative funding arrangements.