Ellah Lakes Plc extended its public offer for 18.8 billion ordinary shares at N12.50 each until 19 December 2025 after receiving approval from the Securities and Exchange Commission (SEC). The offer, originally set to close on 5 December, forms part of the company’s expansion programme built around a vertically integrated agribusiness model.
The extension follows a sequence of corporate actions that began at the company’s Extraordinary General Meeting on 29 July 2025, where shareholders approved an asset acquisition, an equity raise of up to N250 billion, and an increase in authorised share capital. The company stated that these approvals would strengthen the balance sheet by about N200 billion and support new revenue streams.
Ellah Lakes commissioned a 5-ton crude palm oil mill and launched a piggery initiative as part of ongoing diversification. On 8 October 2025, the company moved forward again by signing an agreement to acquire Agro-Allied Resources & Processing Nigeria Limited (ARPN). The acquisition covers more than 11,000 hectares of cultivated land and a further 10,000 hectares of uncultivated land, with oil palm trees entering peak productivity. The deal gives Ellah Lakes full ownership of ARPN.
The public offer opened on 10 November 2025 to raise N235 billion. Estimated net proceeds of N232.2 billion will finance the ARPN acquisition, expand operations, and support working-capital requirements. Rising investor interest prompted the extension to 19 December.
Ellah Lakes’ share price climbed 6.95% in November despite the broader market recording a N6.5 trillion loss. The stock opened the year at N3.16 and has gained 333%, ranking fifth on the Nigerian Exchange (NGX) by year-to-date performance. It gained 16% over the past four weeks, placing sixth for that period. Market capitalisation now stands at N52.8 billion against net assets of N22.357 billion.
With the capital injection and ARPN integration, the company expects its revenue base to expand more than twentyfold and total assets to rise to roughly N316 billion. Shareholders’ funds are projected at about N271 billion. ARPN is forecast to deliver N2.25 billion in tax-adjusted EBIT and N2.74 billion in free cash flow by 2026, with revenue reaching N76 billion by 2030.
