Ellah Lakes’ N235bn Public Offer Failed, Investors Get Refund
Ellah Lakes Plc’s N235 billion public offers failed to meet the minimum subscription threshold required for allotment, according to a regulatory filing on the Nigerian Exchange.
Management told the authority that public offer for 18.8 billion ordinary shares at ₦12.50 per share did not meet the minimum subscription threshold required for allotment.
As a result, the offer has been declared unsuccessful, and no shares will be allotted to subscribers, according to the official statement submitted to the Nigerian Exchange.
The company’s offer was opened on November 10, 2025, and closed on December 19, 2025. At the close of the offer period, the subscription level did not meet the minimum allotment threshold.
Ellah Lakes told the Nigerian Exchange that 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 howeevr disclosed that the acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN) remains a strategically important milestone for its long-term growth and transformation agenda.
Ellah Lakes confirms that the acquisition process is ongoing, and subject to final conditions and approvals, is expected to close by the end of Q1 2026.
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.
Commenting on the update, Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, 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.
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.
“We look forward to providing further updates as we progress toward completion by the end of Q1 2026.” #Ellah Lakes’ N235bn Public Offer Failed, Investors Get Refund
