Ellah Lakes Expands Operations with Acquisition and N235bn Public Offer

Ellah Lakes Plc (NGX: ELLAHLAKES), a Nigerian agribusiness firm, has acquired Agro-Allied Resources Processing Nigeria Ltd and launched a N235 billion public offer to enhance its operations and financial capacity. The acquisition provides Ellah Lakes with full ownership of approximately 11,783 hectares of cultivated land, including oil palm and cassava plantations.

The company aims to leverage cassava's shorter gestation period for immediate cash flow while developing its oil palm plantations. CEO Chuka Mordi highlighted the strategic advantages of the acquisition for the company's growth potential in Nigeria's agribusiness sector.