Ellah Lakes Concludes Unsuccessful N235 Billion Public Offer, Initiates Investor Refunds
Ellah Lakes Plc has formally closed its N235 billion public offer and will refund all subscription monies to applicants after the offer failed to meet the minimum subscription threshold required for share allotment. The company made the announcement via a statement on its website dated February 20, 2026, confirming the closure of the offer period.
The public offer, which opened on November 10, 2025, sought subscriptions for 18.8 billion ordinary shares at N12.50 per share. Initially scheduled to close on December 5, 2025, the subscription window was extended to December 19, 2025. Despite the extension, investor participation fell short of the mandatory minimum, rendering the capital raise unsuccessful. In line with the offer documents, no shares will be allotted, and all received funds will be returned to investors through stipulated procedures.
Ellah Lakes emphasized that this outcome does not halt its broader corporate growth strategy. Notably, the company confirmed that its proposed acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN) remains ongoing and is expected to conclude by the end of the first quarter of 2026, pending final approvals. The acquisition, agreed upon in October 2025, is described as a strategic milestone intended to enhance long-term value and competitiveness within Nigeria’s agro-industrial sector.
The intended proceeds from the offer were earmarked for expansion initiatives, including plantation development and processing capacity upgrades. Prior to the offer, market sentiment appeared positive, with the company’s share price rising from approximately N11.05 to N13.85. However, subscription levels ultimately did not meet the required threshold. This development occurs amidst other significant business news in the region, such as strategic moves by Air Peace strikes in the competitive aviation sector and discussions on how Nigeria set become a more dominant player in African agriculture. While the capital raise was unsuccessful, Ellah Lakes continues to pursue its strategic objectives independently of this specific financing round.
