Nigerian integrated agro-industrial company Ellah Lakes Plc has announced the signing of an agreement to acquire 100% shareholding of Agro-Allied Resources & Processing Nigeria Limited (ARPN) from Singapore-based ARPN PTE Ltd, marking a significant expansion of the company’s operational capacity.
This was disclosed on Friday in a notice sent to the Nigerian Exchange Group (NGX).
The transaction, which received shareholder approval at an Extraordinary General Meeting on July 25, 2025, will see Ellah Lakes acquire substantial agricultural assets, including 11,783 hectares of cultivated land with over 6,280 hectares of oil palm plantations and associated infrastructure, 2,093 hectares of cassava plantation land, and an additional 10,393 hectares of uncultivated land.
The oil palm plantations are strategically positioned for productivity, with 60% of the palms over four years old and entering peak productivity, 30% between two and four years old, and 10% under two years. ARPN PTE is jointly owned by Tolaram Africa PTE Ltd and Valuestar Holdings PTE Ltd.
News.ng reports that the acquisition is expected to more than double Ellah Lakes’ production footprint and enhance its vertically integrated business model, which spans primary cultivation, mid-stream processing, and downstream market access. The company says the deal aligns with its strategy to drive national food security impact while scaling operational efficiencies.
Chuka Mordi, Managing Director/CEO of Ellah Lakes, said: “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.”
Madhukar Khetan, Managing Director & CEO of ARPN, stated: “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 transaction remains subject to customary regulatory approvals, including clearance from the Federal Competition and Consumer Protection Commission (FCCPC), with a closing target of December 2025.
