Ellah Lakes Plc is currently in the market, shopping for N235 billion. The company recently launched its public offer by issuing 18.8billion ordinary shares at N12.50 per share. The target N235 billion equity capital raise is to significantly fund Ellah Lakes’ strategic acquisitions and upgrade its processing facilities as part of its next phase of expansion and value creation.
Rand Merchant Bank Nigeria Limited is the Lead Issuing House for the public offer, which opened on Monday, November 10 and will close on Friday, December 5.
The offer for subscription provides a ground-floor opportunity for both institutional and retail investors to participate directly in one of Nigeria’s most ambitious agro-industrial growth stories as the company scales its vertically integrated agro-industrial operations and strengthens its leadership position in Nigeria’s and West Africa’s agricultural value chain.
Ellah Lakes has strong revenue growth outlook driven by exposure to high-growth agriculture sectors. Another positive is its vertically Integrated Agro-Industrial Platform, from cultivation to processing and export.
Ellah Lakes has strong management team that has a proven track record in executing strategic acquisitions, integrating businesses and driving successful turnarounds.
Read also: Ellah Lakes to accelerate growth with N235bn equity capital raise
The company has a well-articulated strategic roadmap to deliver strong growth and commence dividend payment. In addition, with the acquisition of Agro-Allied Resources and Processing Nigeria Limited (ARPN) and the follow-on planned acquisition, Ellah Lakes is well-positioned to gain significant market share. No doubt, the capital raise is part of its next phase of strategic growth and capital expansion.
Ellah Lakes Plc, on October 3, 2025 announced that it had entered into an Agreement to acquire Agro-Allied Resources & Processing Nigeria Limited from ARPN PTE Limited, owned by Tolaram Africa PTE Limited and Valuestar Holdings PTE Limited. The acquisition will redefine the competitive landscape of the oil palm industry, positioning Ellah Lakes among the top two players by land bank with extensive arable land to drive long-term growth and market leadership.
The acquisition delivers a transformational scale-up for Ellah Lakes, accelerating growth in an underpenetrated sector marked by long development cycles and scarce high-quality assets. Importantly, it helps deepen Ellah Lakes presence in one of Nigeria’s most defensive, high-growth sectors.
Looking at ARPN 22,176ha – high-value land with 51 percent already under cultivation – it implies that post-acquisition, Ellah Lakes Plc will hold one of Southern Nigeria’s largest cultivated landbanks, with a prime plantation profile for sustained long-term high yields.
Ellah Lakes has delivered strong share price performance over the past year, returning over 228 percent to investors since November 2024 and outperforming the All-Share Index (54percent). At N12.60 per share as at Monday November 17, the stock has risen this year by 298.73 percent. The stock had risen from a 52-week low of N2.85 to a 52-week high of N19.42.
Established in 1980 as a fish farming enterprise, the Company underwent a strategic shift in 2019 following the acquisition of Telluria Limited. It repositioned itself as a vertically integrated agro-industrial player focused on crop cultivation, processing, and sustainable value creation.
The company has 3,858,173,678 shares outstanding. The shareholding structure of Ellah Lakes as at August 22, 2025 shows: Emmanuel Jakpa (535,714,286 units or 13.89 percent); Blackman & Co (Consultancy) Limited (264,669,903 or 6.86 percent), CBO Capital Partners Limited (209,073,850 units or 5.42 percent), Lakeoko Farms Limited (180,000,000 units or 4.67 percent), and other investors (2,668,715,639 units or 69.17 percent).
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During a “Facts Behind the Offer” presentation at the Nigerian Exchange Limited (NGX), Jude Chiemeka, Chief Executive Officer, Nigerian Exchange Limited (NGX), commended Ellah Lakes for leveraging the capital market as a platform for growth.
He said: “The launch of this N235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth. At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain.
“This Offer represents not only an opportunity for investors to participate in the country’s agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation.”
Further look at the offer prospectus shows that Ellah Lakes will immediately spend N155billion or 66.8 percent of the net proceeds for the acquisition of oil palm plantation; while N45billion or 19.4percent of the net proceeds will be spent over 12 months for the acquisition of an industrial High-Quality Cassava Flour (HQCF) processing plant.
Also, over the next 12 months, Ellah Lakes will spend N8billion or 3.4 percent of the Offer’s net proceeds for the Oil Palm Mill. Also, the company will, in the next 24 months, spend N8billion or 3.4 percent of the net proceeds for Piggery Commercial while enhancing its working capital requirements in the next 48 months with N16.183billion or 7 percent of the Offer’s net proceeds.
Chuka Mordi, Chief Executive Officer, Ellah Lakes Plc, while highlighting the strategic significance of the offer, said, “This Offer for Subscription is not just about raising capital, it is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of N12.50 per share, this capital raise reflects the intrinsic value of our scaled, integrated platform. We are inviting investors to capitalise on a clear trajectory of growth, one that is built on over 30,000 hectares of resilient, diversified assets and robust processing capacity”.
“The N235 billion equity expansion represents a capital phase that will transition Ellah Lakes from foundation building to full-scale market expansion, delivering sustainable profitability, returns on investment and advancing Nigeria’s food security and rural prosperity agenda,” Mordi further said.
Read also: Ellah Lakes on a bull run after Tolaram’s ARPN acquisition
On how the proceeds of the Offer will be deployed, Paul Farrer, Deputy Managing Director, Ellah Lakes Plc said, “Every naira from this raise has a clear strategic purpose, the capital will be deployed to accelerate the integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and to upgrade our Crude palm oil (CPO) mills and cassava processing facilities.
“Our strategy is clear: we are using this equity to achieve a step-change in operational efficiency and scale. This ensures we maximise the value of every hectare and secure a robust revenue stream for Ellah Lakes. This will deliver value to all stakeholders as it delivers operational and financial scale immediately,” Farrer added.
Other Issuing Houses for this landmark equity expansion are: Rand Merchant Bank Nigeria Limited, ACQ Capital Managers Limited, Comercio Partners Capital Limited, FCMB Capital Markets Limited, GTI Capital Limited, Lighthouse Capital Limited, MBC Capital Limited and SCM Capital Limited. The Joint Issuing House(s) are: ACQ Capital Managers Limited, Comercio Partners Capital Limited, FCMB Capital Markets Limited, GTI Capital Limited, Lighthouse Capital Limited, MBC Capital Limited and SCM Capital Limited.
The Stockbrokers are: Cordros Securities Limited, Coronation Securities Limited, CSL Stockbrokers Limited, Futureview Securities Limited, Lighthouse Capital Limited, MBC Securities Limited and Meristem Stockbrokers Limited. The Registrar is Cordros Registrars Limited, while the Receiving Banks are: First City Monument Bank Limited, Rand Merchant Bank Nigeria Limited and United Bank for Africa Plc.