Tantalizers signs MOU to acquire 24 trawlers, expand into Nigeria’s blue economy

May 25, 2026 By Chisom Moghalu

TANTALIZERS Plc has signed a Memorandum of Understanding (MOU) with Karflex Fisheries Limited and Karflex Investment Limited for the acquisition of major fisheries and marine assets as part of its expansion into Nigeria’s blue economy sector.

The company disclosed that the proposed transaction includes the acquisition of 24 fish trawlers and shrimpers, 13 cold room facilities, and other commercial fisheries infrastructure.

According to Tantalizers, the acquisition is part of its broader diversification strategy aimed at expanding operations beyond food and hospitality into industrial fishing, seafood processing, cold-chain logistics, shrimping, export operations and sustainable fisheries development through its subsidiary, Tantalizers Fisheries Limited.

Under the terms of the agreement, Tantalizers Fisheries Limited and its advisers will conduct legal, financial, technical, environmental and commercial due diligence on the target companies and their assets within an agreed timeline before the transaction is completed.

Speaking during the signing ceremony, Mr Israel Ovirih, who represented chairman of Tantalizers Plc, Mr Adam Nuru, described the transaction as part of the company’s ongoing restructuring and strategic expansion initiatives.

According to him, the acquisition would strengthen the company’s position within Nigeria’s seafood and marine sector while supporting its long-term growth plans.

“The Board of Tantalizers Plc is pleased with the signing of this MOU and looks forward to the successful completion of the transaction,” Nuru said.

He noted that the deal represents one of several strategic mergers and acquisitions undertaken since the restructuring of Tantalizers Plc into what he described as a ‘Foodtainment Group.’

Ovirih added that upon completion of the transaction, the acquired assets and operations would be integrated into Tantalizers Fisheries Limited to establish a wholly-owned fishing and trawling business capable of competing in both local and international seafood markets.

He further stated that the move aligns with the company’s diversification strategy and long-term value creation objectives, particularly in sectors capable of generating foreign exchange (FX) earnings while strengthening Nigeria’s food security value chain.

Also commenting on the development, Chairman of Karflex Fisheries, Mr Wilson Samuel, said the agreement presents an opportunity to unlock the commercial value of the fisheries assets developed by the company over the years.

“We are delighted to enter into this MOU with Tantalizers Plc,” Samuel stated.

According to him, Tantalizers Plc’s renewed vision and commitment to the marine and blue economy sector provide confidence that the assets would be expanded and efficiently utilised for sustainable growth.

Samuel added that the companies ultimately expect Karflex Fisheries to become a subsidiary of Tantalizers Plc after the completion of the acquisition process.

The transaction remains subject to due diligence, valuation, negotiation and execution of final agreements, regulatory approvals, and other agreed conditions precedent.

Tantalizers Plc said it remains focused on delivering sustainable growth, increasing shareholder value and positioning itself as a diversified player across the food, entertainment, hospitality and blue economy sectors.

Entertainment investment

Tantalizers in February 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 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.