The Nigerian Exchange (NGX) has indicated that the acquisition remains subject to regulatory approvals, valuation processes, and the completion of legal and commercial due diligence.
By Blue Africa News
Nigeria’s pioneer quick service restaurant and catering public listed company, Tantalizers Plc, has reached a preliminary agreement to acquire the country’s largest indigenous fisheries group.
Tantalizers Plc’s board members recently announced that the company had signed a Memorandum of Understanding (MoU) with Karflex Fisheries Limited and Karflex Investment Limited, with a view of acquiring the assets of the two companies and subsequently integrate the significant fishing assets into Tantalizers Fisheries Limited.
Experts say the move is part and parcel of Tantalizers Plc, through its Tantalizers Fisheries Limited subsidiary’s continued expansion into Nigeria’s fisheries sector, which contributed 1.16% to the country’s Gross Domestic Product (GDP) as at 2021.
Under the agreement, the assets under consideration include 24 fish trawlers and shrimpers, 13 cold room facilities, and other related commercial fisheries infrastructure.
The Nigerian Exchange (NGX) has given a go-ahead to the deal, but indicated that the acquisition remains subject to regulatory approvals, valuation processes, and the completion of legal and commercial due diligence.
According to Israel Oviri, Tantalizers director speaking on behalf of Alhaji Adam Nuru, chairman of Tantalizers Plc, the MoU is part of the company’s strategic diversification and expansion into Nigeria’s blue economy and commercial seafood sector.
The director added that plans are at an advanced stage to tap emerging opportunities in Nigeria’s blue economy and maritime reforms, through a large-scale focus on industrial fish trawling, shrimping, seafood processing, cold-chain logistics, export operations and sustainable fisheries development.
“The Board of Tantalizers Plc is pleased with the signing of this MoU and looks forward to the successful completion of the transaction. This marks one of the many strategic mergers and acquisitions undertaken since the acquisition and restructuring of Tantalizers Plc into a Foodtainment Group,” said Oviri as quoted by punchng.com.
“Upon completion of this Karflex Companies acquisition, the plan is to integrate the assets and operations into Tantalizers Fisheries Limited, resulting in a wholly owned fishing and trawling business positioned to compete effectively within the local and international seafood market.”
Wilson Samuel, chairman of Karflex Fisheries on his part noted that, Tantalizers’ renewed vision, institutional structure, and commitment to the marine and blue economy sector provide strong confidence that Karflex Fisheries’ assets would be further expanded and efficiently utilised for sustainable growth.
“We are delighted to enter into this MoU with Tantalizers Plc. We believe this transaction represents a significant opportunity to unlock the full commercial value of the assets built over the years by Karflex Fisheries,” he said, adding that they are looking forward to a smooth transition.
“We ultimately see Karflex Fisheries becoming a subsidiary of Tantalizers Plc, and our shareholders are excited to see Tantalizers Plc completing this acquisition in record time as scheduled,” Samuel said.
The takeover is expected to shore-up Nigeria’s fisheries sector, coming in the wake of huge milestones in other sectors of the west African nation’s blue economy.
In April 2026, Nigeria made the first export of new light, sweet crude grade oil, a significant milestone in the country’s energy sector made possible by the first wholly-owned Floating Storage Vessel (FSO).
The first shipment of 950,000 barrels from FSO Cawthorne, Nigeria’s newest oil terminal, was initiated following its licensing and gazettement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), marking the nation’s first new crude oil terminal in 50 years.
A Nigerian National Petroleum Company Limited (NNPCL) official confirmed the shipment. “NNPCL shipped the first cargo of the new Cawthorne crude at the weekend. A total of 950,000 barrels of crude was exported from FSO Cawthorne,” the official said, with reports indicating that the cargo was delivered to the Port of Sikka, in India.
Oliver Ochieng, Blue Africa News