Ellah Lakes Plc has entered into an agreement for the acquisition of shareholding of Agro-Allied Resources & Processing Nigeria Limited (ARPN) from ARPN PTE Limited, Singapore (ARPN PTE).
This move is in line with Ellah Lakes Plc strategy to deepen its operational footprint, scale efficiencies, and drive national food security impact.
The transaction will involve the acquisition of 100 percent shareholding of ARPN, and its closing is targeted for December 2025, subject to satisfaction of all conditions precedent.
Chuka Mordi, Managing Director/CEO of Ellah Lakes said: “Signing the Sale and Purchase Agreement with ARPN marks a defining step in Ellah Lakes’ transformation journey. This acquisition will more than double our production footprint, accelerate earnings growth, and position us as a national champion in agro-industrial production. We are excited about the immediate and long-term value this transaction will deliver to our shareholders and to Nigeria’s broader food security objectives”.
ARPN PTE is equally owned by Tolaram Africa PTE Limited (Tolaram) and Valuestar Holdings PTE Limited (Valuestar). The Acquisition follows shareholders’ approval at its Extraordinary General Meeting held on July 25, 2025 and represents a major milestone towards expanding the Company’s operational footprint and processing capacity.
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Madhukar Khetan, Managing Director & CEO of ARPN stated: “The signing of this agreement marks a proud milestone for ARPN. In a remarkably short time, we have successfully planted 6,280 hectares of palm seedlings — a benchmark achievement in our industry. This success is dedicated to our employees, whose commitment, hard work, and perseverance made it possible. We are deeply proud of what our team has built. The acquisition by Ellah Lakes highlights the strength of the platform we have created and its alignment with Nigeria’s food security objectives. With their expertise and vision, Ellah Lakes is well-positioned to take this foundation forward, scale it up, and reach even greater heights”.
The acquired assets comprise 11,783 hectares of cultivated land (planting over 6,280 hectares of oil palm plantations and associated infrastructure), 2,093 hectares of cassava plantations land and an additional 10,393 hectares of uncultivated land.
The plantation’s age profile is well-positioned for sustained productivity, with 60 percent of the oil palms over four years old (entering peak productivity), 30 percent between two and four years, and the remaining 10percent under two years. This distribution underpins both current yield and future growth.
Following the completion of the Acquisition, Ellah Lakes will consolidate ARPN’s assets into its operations delivering immediate scale and financial benefits, while unlocking significant long-term potential for crop diversification and vertical integration. The acquisition aligns perfectly with Ellah Lakes’ vertically integrated business model, which spans primary cultivation, mid-stream processing and downstream market access.
The transaction is subject to the receipt of the customary regulatory approvals, including approval from the Federal Competition and Consumer Protection Commission (FCCPC).
