Ellah Lakes Expands Operations with Acquisition, N235bn Public Offer

Kayode Tokede

Nigeria’s agribusiness firm, Ellah Lakes Plc, has announced the acquisition of Agro-Allied Resources & Processing Nigeria Ltd (ARPN) alongside the launch of a N235 billion public offer, as part of its strategic drive to scale operations and deepen its presence in Nigeria’s agribusiness sector.

The acquisition grants Ellah Lakes full ownership of ARPN, adding approximately 11,783 hectares of cultivated land — including 6,280 hectares of oil palm and 2,093 hectares of cassava — plus 10,393 hectares of undeveloped land earmarked for future expansion.

The company noted that about 60 per cent of the oil-palm plantation is already productive, while another 30 per cent is nearing maturity, ensuring immediate and sustainable cash flow.

Speaking at a press conference in Lagos, Chief Executive Officer, Ellah Lakes,  Chuka Mordi, said the acquisition would significantly enhance the company’s operational scale and financial capacity. “We will purchase key agricultural assets, scale up our livestock business, and link them to off-take agreements to secure continuous cash flow. This strategy will deliver immediate value to all stakeholders,” he said.

Mordi noted that cassava provides a unique strategic advantage with its shorter gestation period of 12 to 18 months, compared to oil palm’s three to four years. “Cassava generates interim cash flows that help finance undeveloped land and balance our portfolio,” he said, highlighting that less than 10 per cent of Nigeria’s 60 million-tonne cassava production is processed into high-quality cassava flour (HQCF), leaving vast growth potential untapped.