Ellah Lakes Plc has announced that it has entered into an agreement to acquire Agro-Allied Resources & Processing Nigeria Limited (ARPN) from ARPN PTE Ltd, Singapore, a joint venture between Tolaram Africa PTE Ltd and Valuestar Holdings PTE Ltd.
The transaction, which follows shareholders’ approval at the Company’s Extraordinary General Meeting on July 25, 2025, involves the acquisition of 100% shareholding in ARPN.
The acquired assets include 11,783 hectares of cultivated land, featuring over 6,280 hectares of oil palm plantations, 2,093 hectares of cassava plantations, and an additional 10,393 hectares of uncultivated land.
In a statement made available to AgroNigeria, Chuka Mordi, Managing Director/CEO of Ellah Lakes Plc, described the deal as a turning point for the Company.
The statement reads: “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.”
Similarly, Madhukar Khetan, Managing Director & CEO of ARPN, hailed the agreement as a significant achievement.
“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,” Khetan stated.
He added that the acquisition highlights the strength of ARPN’s platform 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,” he said.
The completion of the acquisition is subject to regulatory approvals, including from the Federal Competition and Consumer Protection Commission (FCCPC).
According to the statement, completion is expected by December 2025, subject to all conditions precedent.
