Ellah Lakes to Refund Investors After Failed N235B Offer

Ellah Lakes Plc announced it will refund investors following the unsuccessful completion of its N235 billion public offer. The offer, which sought subscriptions for 18.8 billion ordinary shares at 50 kobo each, opened on November 10, 2025, and was initially scheduled to close on December 5, later extended to December 19, 2025.

However, the subscription level fell short of the minimum threshold required for share allotment, resulting in no new shares being issued. The company confirmed that funds received from applicants will be returned in accordance with the procedures outlined in the offer document.

Despite this setback in capital raising, Ellah Lakes emphasized that it would not halt its broader growth strategy, which includes a proposed acquisition of Agro Allied Resources Process Nigeria Ltd (ARPN). This acquisition, signed on October 3, 2025, is viewed as a strategic milestone aimed at enhancing long-term value creation within Nigeria's agro-industrial value chain.