Tantalizers Plc Moves Into Blue Economy With Planned Acquisition of 24 Trawlers

Tantalizers Plc has signed a Memorandum of Understanding with Karflex Fisheries Limited and Karflex Investment Limited for the proposed acquisition of major fisheries and marine assets as the company intensifies its diversification strategy into Nigeria’s blue economy sector.

The proposed transaction includes the acquisition of 24 fish trawlers and shrimpers, 13 cold room facilities and related fisheries infrastructure aimed at strengthening Tantalizers’ expansion into industrial fishing, seafood processing and export operations.

According to the company, the acquisition will be executed through its subsidiary, Tantalizers Fisheries Limited, as part of broader plans to establish a fully integrated commercial seafood business with local and international market presence.

The move represents one of the most aggressive diversification efforts by the company since its restructuring into what it describes as a Foodtainment Group combining food, entertainment, hospitality and now marine-based commercial operations.

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

Speaking on the transaction, Dr. Israel Ovirih, representing the Chairman of Tantalizers Plc, Alhaji Adam Nuru, said the acquisition aligns with the company’s long-term strategy to diversify into sectors capable of generating sustainable earnings and foreign exchange revenue.

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

He added that upon completion, the acquired assets and operations would be integrated into Tantalizers Fisheries Limited to create a wholly owned fishing and trawling business positioned to compete effectively within Nigeria’s seafood market and export industry.

Industry analysts said the transaction reflects growing private sector interest in Nigeria’s blue economy as companies seek opportunities beyond traditional consumer and retail sectors amid rising food demand and export diversification efforts.

The acquisition is also expected to strengthen cold-chain logistics capacity and support Nigeria’s seafood value chain at a time when the country continues to face significant fish import dependence despite vast coastal resources.

Commenting on the transaction, Chairman of Karflex Fisheries, Wilson Samuel, said the deal would unlock additional commercial value from the assets while positioning the business for expansion under Tantalizers’ institutional structure and growth strategy.

Samuel noted that Karflex shareholders were optimistic about the completion timeline and the potential transformation of the fisheries business into a larger marine and seafood operation under Tantalizers Plc.

The transaction remains subject to due diligence outcomes, asset valuation, regulatory approvals and execution of definitive agreements.

If completed, the acquisition could significantly reposition Tantalizers Plc from a traditional quick-service restaurant operator into a broader diversified consumer and industrial group with exposure to food processing, logistics, exports and marine operations.