An indigenous agribusiness company – Ellah Lakes Plc has announced the conclusion of its Public offer for Subscription of up to 18,800,000,000 ordinary shares of representing an equity raise 50 kobo each at a subscription price of N12.50 per share, of up to N235 billion.

The Offer opened on November 10, 2025, and closed on December 19, 2025.

According to a statement made available to The Guardian, the firm said at the close of the offer, the level of subscription did not meet the minimum threshold required for allotment.

“Consequently, 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.”

While giving an update on the proposed acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN), the firm said the acquisition remains a strategically important milestone for the Lakes’ long-term growth and transformation agenda.

“The Company confirms that the acquisition process is ongoing, and subject to final conditions and approvals, is expected to close by the end of Q1 2026.

Commenting on the update, the Chief Executive Officer of Ellah Lakes Plc, Chuka Mordi, 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 firm said the acquisition of ARPN represents a complementary milestone that, once completed, will strengthen its operational footprint and support the Company’s broader transformation agenda.