Tantalizers signs MoU with Karflex Fisheries to acquire 24 fish trawlers, other assets

 

As it continues to expand into Nigeria's fisheries and marine industry, Tantalizers Plc has inked a memorandum of understanding (MoU) with Karflex Fisheries Limited and Karflex Investment Limited.

In addition to 13 cold room facilities and associated commercial fisheries equipment, the proposed acquisition comprises 24 fish trawlers and shrimpers, according to a disclosure posted on the Nigerian Exchange.

Tantalizers Fisheries Limited and its designated advisors are required to perform legal, financial, technical, operational, environmental, and commercial due diligence on Tantalizers claims that its blue economy strategy is centered on industrial fish trawling, shrimping, seafood processing, cold chain logistics, export operations, and sustainable fisheries development through Tantalizers Fisheries Limited. The planned transaction further reflects Tantalizers' diversification into Nigeria's blue economy, though completion is still subject to regulatory approvals, valuation outcomes, and transaction agreements.

Speaking at the signing ceremony, Dr. Israel Ovirih, representing Tantalizers Chairman Alhaji Adam Nuru, described the deal as part of the company’s broader restructuring strategy. “This marks one of the many strategic mergers and acquisitions undertaken since the restructuring of Tantalizers Plc into a Foodtainment Group,” Dr. Ovirih stated during the signing event. He added that the company plans to integrate the Karflex assets into Tantalizers Fisheries Limited, creating a wholly owned fishing and trawling business targeting both local and international seafood markets. Dr. Ovirih further noted that the transaction aligns with Tantalizers’ long-term diversification strategy, particularly in sectors capable of generating foreign exchange earnings and strengthening Nigeria’s food security value chain.

Also commenting on the transaction, Mr. Wilson Samuel, Chairman of Karflex Fisheries Limited, expressed confidence in the partnership with Tantalizers Plc.

 “We believe this transaction represents a significant opportunity to unlock the full commercial value of the assets,” Samuel said, while highlighting Tantalizers’ updated strategy and its involvement in Nigeria’s marine and blue economy sector.

Tantalizers first signaled its expansion into fisheries and marine operations in December 2024 through an MoU to acquire Dan Bethel Marine Services Limited. The proposed acquisition was positioned as part of the company’s diversification into Nigeria’s blue economy, covering fish trawling, aquaculture, seafood supply, and broader marine operations.

Expansion accelerated in March 2025, when Tantalizers announced the acquisition of 10 modern fishing trawlers and established Tantalizers Fisheries Limited to drive commercial seafood operations.

 The company also partnered with US-based Quinn Fisheries and Harvester Fishing to support technical collaboration, commercial fishing activities, and access to international seafood export markets.

By November 2025, the expansion had advanced into exports, with Tantalizers Fisheries signing a five-year multimillion dollar offtake agreement to supply prawns and shrimps to Harvester Fisheries LLC in the United States.

Tantalizers shares closed the trading session of 25 May 2026 at N4.50, up 8.96% on the announcement, and have strengthened further to N4.70 at the market open of 26 May 2026, with year-to-date performance at 88%.

Cumulative activity has remained strong, with over 1.8 billion units of the company’s shares traded on the Nigerian Exchange so far this year, reflecting co nsistent turnover in the stock. In Q1 2026, the company reported a pretax profit of N18.3 million, down from N83.6 million in the corresponding period, while net revenue stood at N396.2 million.