NGX issues cautionary letters to Tantalizers, NPF Microfinance Bank over insider dealings

TANTALIZERS Plc and NPF Microfinance Bank Plc have been issued warning letters by Nigerian Exchange Limited (NGX) over insider dealings involving their shares.

The exchange’s action suggests that, beyond the public-facing operations of the well-known fast-food brand and the established microfinance institution, certain share transactions were carried out in violation of listing regulations.

Under NGX rules, all listed companies must promptly supply material information to enable the exchange maintain a fair and orderly market. Such disclosures are also expected to appear in annual reports. According to the NGX, both firms fell short of specific provisions in the Listings Rules and were penalised accordingly.

The warning letters underscore the exchange’s heightened scrutiny of insider trading and concerns about the transparency of transactions executed outside public view.

READ ALSO: NGX delists 8 firms in 2025 as market cleanup continues

NGX’s cautionary letter to Tantalizers was dated February 10, while the notice issued to NPF Microfinance Bank was dated February 17, drawing attention to governance practices within the two companies.

Explaining the breach, the NGX stated that Tantalizers engaged in insider trading during a closed period, contravening Rule 17:18 on periods of closure.

Recently, Economy Post reported that Tantalizers secured a N2 billion equity investment in its entertainment and media subsidiary, Tantainment Limited, as it deepens its push beyond fast food into Nigeria’s growing digital entertainment space, the company said in a statement to the Nigerian Exchange on Wednesday signed by Company Secretary, Olamide Babawale-Mo.

The investment, provided by RGM Materials Solutions Limited, gives the strategic investor a 10 percent stake in Tantainment, based on a recent valuation of N30 billion (about $20 million) for the subsidiary and its flagship live-game show platform, Chances by Tantainment.

The deal marks a key milestone in Tantalizers’ diversification strategy and signals rising investor confidence in the company’s ‘foodtainment’ model, which combines food, entertainment and digital engagement.

Tantainment is positioned as the group’s technology-driven entertainment vehicle, with operations spanning live game shows, digital content, media production and interactive audience platforms. Its flagship programme, Chances by Tantainment, is scheduled to go live in the second quarter (Q2) of 2026.

READ ALSO: Profit-taking halts rally as NGX slips after record run

According to the company, the N2 billion funding will be used to acquire studio equipment, complete its Ikeja-based ‘Chances Live Studios,’ develop proprietary entertainment content and strengthen operational, regulatory and compliance systems.

Chairman of Tantalizers Plc, Alhaji Adam Nuru, said the transaction validates the board’s strategy to build Tantainment as a standalone growth platform within the group.

“This equity investment validates the Board’s strategic decision to incubate and scale Tantainment as a tech-driven standalone growth platform within the Group. It reflects strong investor confidence in our governance reforms and business direction,” Mr Nuru said.