SEC approves Ellah Lakes’ ₦235bn public offer

By Seun Ibiyemi

The Securities and Exchange Commission (SEC) has approved Ellah Lakes Plc’s ₦235 billion public offer, paving the way for the company to raise capital for its planned acquisition of Agro-Allied Resources & Processing Nigeria Ltd. (ARPN).

The approval marks a significant milestone in the company’s growth trajectory as it seeks to expand its agro-industrial footprint and strengthen its position as a key player in Nigeria’s agricultural value chain.

At a media parley in Lagos on Thursday, the Chief Executive Officer of Ellah Lakes, Mr. Chika Mordi, said the proceeds from the offer, scheduled to open on November 10, would be used to fund the full acquisition of ARPN and expand the company’s production capacity.

He said the offer involves the issuance of 18 billion new shares, representing a major capital infusion aimed at accelerating operational growth, enhancing technological capacity, and diversifying revenue streams.

“This ₦235 billion capital raise is a definitive statement of intent,” Mordi said. “It is our commitment to shareholders to deliver economies of scale, market resilience, and long-term value creation. With SEC’s approval, we are now poised to execute our strategy and strengthen our leadership in the agro-industrial space.”

He noted that the capital raise reflects Ellah Lakes’ transition from a rebuilding phase to one of aggressive expansion, positioning it as a next-generation agribusiness platform aligned with Nigeria’s agricultural transformation agenda.

The Deputy Managing Director, Mr. Paul Farrer, said the acquisition of ARPN which includes over 11,000 hectares of cultivated land, 2,093 hectares of cassava plantations, and an additional 10,000 hectares of uncultivated land—would deliver immediate operational scale and financial benefits.

Farrer added that the integration of ARPN’s assets, including a 20-tonne-per-hour mill in Edo State, would complement Ellah Lakes’ existing six-tonne-per-hour crude palm oil mill and accelerate its vertical integration strategy.

“This acquisition achieves in months what would have taken years organically. It expands our capacity, enhances our diversification into multiple crop value chains, and positions us for sustainable growth,” he said.

With the SEC’s approval, Ellah Lakes’ ₦235 billion offer underscores the Commission’s role in facilitating access to capital for companies driving Nigeria’s real sector growth.

The SEC continues to emphasize investor protection and market integrity while supporting initiatives that promote economic diversification and long-term sustainability across key sectors of the Nigerian economy.