Nigerian agro firm launches ₦235 billion public offer to acquire new assets, expand land holdings, and position among top palm oil producers by 2030.
Ellah Lakes Plc is making an ambitious move to cement its place among Nigeria’s largest palm oil producers, unveiling a ₦235 billion public offer to fund new acquisitions and expansion projects across the country’s fast-growing agribusiness sector.
The agro-allied company said the capital raise would finance its purchase of Agro-Resources and Processing Nigeria Limited (ARPN) from the Tolaram Group and support the construction of a new crude palm oil processing mill at ARPN’s site in Edo State.
Under the plan, Ellah Lakes will issue 18.8 billion new shares to the public at ₦12.50 per share. The offer, which opened on November 10, 2025, represents a major milestone for the company as it seeks to scale production capacity and integrate vertically within Nigeria’s resurgent palm oil value chain.
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Managing Director Chuka Mordi told investors during the company’s “Fact Behind the Offer” presentation at the Nigerian Exchange (NGX) that the acquisition would increase Ellah Lakes’ total land bank to 34,000 hectares. “Over the next five years, we expect to be moving toward ₦200 billion in revenue,” he said.
According to Mordi, the newly acquired ARPN asset — which already has 10,000 hectares under cultivation and 6,280 hectares of mature oil palm — is projected to generate about ₦24 billion in revenue by 2026 and ₦113.9 billion in profit by 2030. The operational mill, he added, would allow the company to immediately monetize mature fruit bunches and achieve early cash flow from 2026.
Ellah Lakes’ expansion comes as Nigeria’s palm oil industry undergoes a revival after decades of stagnation. Once a global leader in palm oil production, the country is now attracting renewed investor confidence amid rising demand and favorable pricing. In 2024 alone, the sector grew by 103 percent, compared with Nigeria’s 3.4 percent GDP growth rate.
Mordi said the resurgence underscores the “quality of businesses now entering the Nigerian Stock Exchange” and the value creation potential for shareholders. He cited Presco Plc’s stock performance — which climbed from ₦40 to ₦1,400 in five years — as evidence of investor enthusiasm for agribusiness.
Ellah Lakes is betting that disciplined execution will help it capture a greater share of Nigeria’s agricultural transformation, with new capital and strategic assets in place.
Africa Daily News, New York
