Ellah Lakes Plc has entered into an agreement to acquire the shareholding of Agro-Allied Resources & Processing Nigeria Limited from ARPN PTE Limited, Singapore, aligning with its goal to deepen its operational footprint, scale efficiencies, and drive national food security impact.

The transaction encompasses the acquisition of 100 per cent of ARPN’s shareholding and is targeted to close in December 2025, pending the satisfaction of all conditions precedent.

Chuka Mordi, the Managing Director/CEO of Ellah Lakes, expressed enthusiasm for the acquisition’s potential, stating: “Signing the Sale and Purchase Agreement with ARPN marks a defining step in Ellah Lakes’ transformation journey. This acquisition will more than double our production footprint, accelerate earnings growth, and position us as a national champion in agro-industrial production. We are excited about the immediate and long-term value this transaction will deliver to our shareholders and to Nigeria’s broader food security objectives.” ARPN PTE is jointly owned by Tolaram Africa PTE Limited (Tolaram) and Valuestar Holdings PTE Limited (Valuestar).

This Acquisition follows the shareholders’ approval granted at the Extraordinary General Meeting held on July 25, 2025, and represents a major milestone toward expanding the Company’s operational footprint and processing capacity.

Madhukar Khetan, Managing Director & CEO of ARPN, marked the agreement as a significant achievement for his firm, commenting: “The signing of this agreement marks a proud milestone for ARPN. In a remarkably short time, we have successfully planted 6,280 hectares of palm seedlings — a benchmark achievement in our industry. This success is dedicated to our employees, whose commitment, hard work, and perseverance made it possible. We are deeply proud of what our team has built. The acquisition by Ellah Lakes highlights the strength of the platform we have created and its alignment with Nigeria’s food security objectives. With their expertise and vision, Ellah Lakes is well-positioned to take this foundation forward, scale it up, and reach even greater heights.”

The assets being acquired comprise 11,783 hectares of cultivated land (including over 6,280 hectares of oil palm plantations and associated infrastructure), 2,093 hectares of cassava plantations land, and an additional 10,393 hectares of uncultivated land. The age profile of the plantations is set for sustained productivity, with 60 per cent of the oil palms being over four years old (entering peak productivity), 30 per cent between two and four years, and the remaining 10 per cent under two years, a distribution that underpins both current yield and future growth.

Upon the completion of the Acquisition, Ellah Lakes will consolidate ARPN’s assets into its operations, providing immediate scale and financial benefits while unlocking significant long-term potential for crop diversification and vertical integration.

The acquisition aligns perfectly with Ellah Lakes’ vertically integrated business model, which encompasses primary cultivation, mid-stream processing, and downstream market access. The entire transaction remains subject to the receipt of customary regulatory approvals, including approval from the Federal Competition and Consumer Protection Commission.