Tantalizers signs MoU with Karflex Fisheries to acquire 24 fish trawlers, other assets
Tantalizers Plc has signed a memorandum of understanding (MoU) with Karflex Fisheries Limited and Karflex Investment Limited as it deepens its expansion into Nigeria’s fisheries and marine sector.
Tantalizers Plc has signed a memorandum of understanding (MoU) with Karflex Fisheries Limited and Karflex Investment Limited as it deepens its expansion into Nigeria’s fisheries and marine sector.
According to a disclosure published on the Nigerian Exchange, the proposed acquisition includes 24 fish trawlers and shrimpers, alongside 13 cold room facilities and related commercial fisheries infrastructure.
As part of the process, Tantalizers Fisheries Limited and its appointed advisers are expected to conduct legal, financial, technical, operational, environmental, and commercial due diligence on the target companies and assets.
The planned transaction further reflects Tantalizers’ diversification into Nigeria’s blue economy, although completion remains subject to regulatory approvals, valuation outcomes, and transaction agreements.
According to the company, its blue economy strategy is focused on industrial fish trawling, shrimping, seafood processing, cold chain logistics, export operations, and sustainable fisheries development through Tantalizers Fisheries Limited.
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.
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.
Tantalizers first signaled its expansion into fisheries and marine operations in December 2024 through an MoU to acquire DanBethel Marine Services Limited.
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.
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 consistent 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.
