Ellah Lakes Receives SEC Approval for N235 Billion Public Offer to Fund Agro Acquisition

Ellah Lakes Plc has obtained approval from the Securities and Exchange Commission (SEC) for a N235 billion public offer scheduled to open on November 10. The company's Managing Director, Chuka Mordi, revealed plans to issue 18 billion new shares as part of the offer to fund the acquisition of Agro-Allied Resources Processing Nigeria.

Ellah Lakes also intends to acquire a new 20-ton per hour mill at an ARPN facility in Edo State to complement its existing 6-ton per hour mill at the oil palm plantation in Iguelaba, Edo State. This move aims to enhance the company's operations and expansion in the agricultural sector.