Tantalizers to Acquire Nigeria’s Largest Indigenous Fisheries Group

Kayode Tokede

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

During the weekend, the board of Tantalizers completed a Memorandum of Understanding (MoU) with Karflex Fisheries Limited and Karflex Investment Limited to acquire the assets of both companies and merge them into Tantalizers Fisheries Limited.

The assets under consideration include 24 fish trawlers and shrimpers, 13 cold‑room facilities, and related commercial fisheries infrastructure.

Following the signing of the MoU, Tantalizers Fisheries Limited and its appointed financial advisers—GTI Capital and United Capital—will conduct comprehensive legal, financial, technical, operational, environmental, and commercial due‑diligence reviews of the target companies and their assets within an agreed timeline.

At the signing ceremony, Chairman of Tantalizers, Alhaji Adam Nuru, said the MoU was part of the company’s strategic diversification and expansion into Nigeria’s blue economy and commercial seafood sector.

Nuru, represented by Tantalizers’ Director Dr. Israel Ovirih, explained that through its subsidiary, Tantalizers Fisheries Limited, the group intends to seize emerging opportunities in Nigeria’s blue economy and maritime reforms by focusing on industrial fish trawling, shrimping, seafood processing, cold‑chain logistics, export operations, and sustainable fisheries development.

He added: “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.”

“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 continued.

Chairman of Karflex Fisheries, Mr. Wilson Samuel, also commented on the transaction, saying the fisheries group was excited by Tantalizers’ vision and institutional strength.

According to Samuel, Tantalizers’ renewed vision, institutional structure, and commitment to the marine and blue economy sector give 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,” Samuel said.