Ellah Lakes Plc has announced it will refund investors after its N235 billion public offer failed to meet the minimum subscription threshold required for share allotment.
The company shared this update in a statement published on Friday, February 20, 2026, on its website. It confirmed that no share issued under the offer and that all funds receive from applicants would be return. Following the procedures outlined in the offer documents.
The public offer aimed to raise funds by selling up to 18.8 billion ordinary shares at N12.50 per share. It opened on November 10, 2025, and initially set to close on December 5, 2025. But the deadline later extended to December 19, 2025. Despite the extension, the offer did not attract enough subscriptions to meet the required minimum threshold, making the issuance unsuccessful.
Company Statement
Ellah Lakes Plc confirmed that the N235 billion public offer has officially closed. Without meeting the minimum subscription requirement for share allotment. As a result, no new shares will issued. And all funds received from investors will refunded as per the terms of the offer.
The company emphasized that this outcome does not affect its broader growth strategy. It expressed gratitude to investors for their interest during the offer period and reaffirmed its commitment to transparent communication with stakeholders.
“We remain disciplined in executing transactions responsibly and securing the appropriate capital structure,” the company stated.
Ellah Lakes also confirmed that its planned acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN) is still in progress. The acquisition is expected to be finalized by the end of the first quarter of 2026, pending final approvals.
Background
On November 7, 2025, Ellah Lakes announced plans to raise N235 billion. Through the equity offering as part of its capital restructuring and expansion strategy. The funds were intended to support growth initiatives, including expanding plantations and upgrading agro-processing operations.
