Ellah Lakes Plc has reaffirmed that its planned acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN), a Singapore-based entity jointly owned by Tolaram Africa and Valuestar Holdings, remains on track for completion by the end of the first quarter of 2026, positioning the transaction as a central pillar of its long-term growth and expansion.
>In a statement seen by BusinessDay, the company said the deal, which is still subject to final conditions and regulatory approvals, is expected to significantly expand its operational footprint, enhance scale, and improve efficiency across its agribusiness value chain. </
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“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,” it said.
Chuka Mordi, the company’s CEO, said Ellah Lakes’ broader strategy remains focused on improving plantation yields, optimising operational performance, and deepening vertical integration across its palm oil and cassava businesses.
He noted that the ARPN acquisition will complement these priorities by adding capacity and reinforcing the firm’s transformation agenda.
“We remain disciplined in executing the transaction responsibly and securing the appropriate capital structure,” Mordi said, adding that the company is confident the acquisition will mark a transformative step in its growth journey once completed.
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The update comes shortly after Ellah Lakes concluded its public offer of up to 18.8 billion ordinary shares priced at N12.50 each, representing an equity raise of up to N235 billion.
The offer, which ran from November 10 to December 19, 2025, did not meet the minimum subscription threshold of N250 billion required for allotment.
“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,” it said.
The statement added that the company appreciates the interest shown by investors during the offer period and remains committed to maintaining transparent communication with all stakeholders.
