Ellah Lakes Refunds N235 Billion Offer Subscribers
Ellah Lakes Plc has refunded all N235 billion received from investors after its public offer failed to meet the minimum subscription threshold for share allotment. The company announced the closure of the offer on February 20, 2026, confirming no shares will be issued and all subscription monies will be returned in line with offer document procedures. The failed N235 billion offer, which sought up to 18.8 billion shares at N12.50 each, opened November 10, 2025, and closed December 19, 2025, after failing to reach required minimums. Despite extending the subscription window by two weeks, investor participation remained insufficient. The outcome does not halt the company's broader growth strategy, including its ongoing acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN), expected to close by Q1 2026. The failed offer follows recent financial filings showing modest revenue growth but widening operating losses, which may have impacted investor sentiment. Investors should monitor refund processing timelines and monitor ARPN acquisition developments.