Tantalizers Set to Acquire Nigeria’s Largest Indigenous Fisheries Group

News in Brief:

—Tantalizers Plc has signed an agreement to acquire major fisheries assets from Karflex Fisheries Limited and Karflex Investment Limited, including 24 trawlers, shrimpers, and 13 cold room facilities.

—The acquisition forms part of Tantalizers’ diversification strategy into Nigeria’s blue economy, seafood processing, cold-chain logistics, and export operations.

Tantalizers Plc has reached a preliminary agreement to acquire Nigeria’s largest indigenous fisheries group in a major move that deepens the emerging foodtainment conglomerate’s diversification into Nigeria’s blue economy.

The company's board completed a Memorandum of Understanding (MoU) with Karflex Fisheries Limited and Karflex Investment Limited to acquire the assets of the two companies and integrate the fisheries operations into Tantalizers Fisheries Limited.

Assets Included in Proposed Acquisition

Under the agreement, the assets under consideration include 24 fish trawlers and shrimpers, 13 cold room facilities, and related commercial fisheries infrastructure.

With the signing of the MoU, Tantalizers Fisheries Limited and its appointed financial advisers, GTI Capital and United Capital, will undertake a comprehensive legal, financial, technical, operational, environmental, and commercial due diligence exercise on the target companies and their assets within an agreed timeline.

Tantalizers Expands into Blue Economy

Speaking at the signing ceremony, the Chairman of Tantalizers, Alhaji Adam Nuru, said the MoU aligns with the company’s strategic diversification and expansion into Nigeria’s blue economy and commercial seafood sector.

Represented by Tantalizers Director, Dr Israel Ovirih, Nuru explained that the company, through Tantalizers Fisheries Limited, plans to tap emerging opportunities in Nigeria’s maritime and blue economy reforms through large-scale investments in 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,” he said.

Plan to Build Competitive Seafood Business

According to Nuru, the proposed acquisition will position Tantalizers Fisheries Limited to compete effectively in both local and international seafood markets.

“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,” he added.

Karflex Expresses Confidence in Partnership

Also commenting on the transaction, Chairman of Karflex Fisheries, Mr Wilson Samuel, said the company was optimistic about the partnership and Tantalizers’ long-term vision for the fisheries industry.

According to him, Tantalizers’ renewed institutional structure and commitment to the marine and blue economy sector provide confidence that Karflex Fisheries’ assets would be 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,” Samuel said.