Tantalizers to acquire Nigeria’s largest indigenous fisheries group, expands beyond fast food roots

Tantalizers Plc is moving further away from its origins as a quick service restaurant operator as it broadens into a wider food- and maritime-focused group. The Lagos-based company has signed a preliminary agreement to acquire Nigeria’s largest indigenous fisheries group, Karflex Fisheries Limited and Karflex Investment Limited, in a move that expands its exposure to Nigeria’s growing commercial seafood sector and the wider blue economy.

Under a Memorandum of Understanding, Tantalizers will take over selected assets from both companies and fold them into its fisheries arm, Tantalizers Fisheries Limited. The assets include 24 fish trawlers and shrimpers, 13 cold storage facilities, and other supporting infrastructure tied to commercial fishing operations. The deal, once completed, is expected to strengthen the company’s capacity in industrial trawling, seafood processing and cold-chain logistics.

Maritime food expansion strategy

At the signing, the Chairman of Tantalizers Plc, Adam Nuru said the agreement reflects the company’s plan to build a stronger presence in maritime-linked food production. He was represented at the event by Director Israel Ovirih, who noted that the fisheries expansion is designed to tap into opportunities emerging from Nigeria’s ongoing maritime reforms and the wider push to develop local food production capacity.

The company said the assets will be integrated into Tantalizers Fisheries, creating a wholly owned operation focused on harvesting, processing, and exporting seafood products. Management added that the plan is aligned with its broader objective of building revenue streams beyond restaurant operations while improving long-term earnings stability and foreign exchange inflows.

Tantalizers Fisheries Limited operates within a designated free trade zone for export-oriented seafood production, harvesting and processing shrimp and prawns to meet international food safety standards. In November 2025, the company signed a five-year offtake agreement with Harvester Fisheries LLC, a US seafood importer based in New Bedford, Massachusetts, setting minimum annual export volumes of tiger prawns and shrimp to the US market. 

Return to profitability after six years

The latest expansion comes as Tantalizers reports a return to profitability after six years. For 2025, the company posted a pretax profit of N83.6 million, reversing a loss of N259.5 million in 2024. Revenue rose to N1.29 billion from N1.2 billion over the same period, supported in part by growth in non-restaurant segments, including entertainment and fisheries.

Management said the results reflect early gains from its broader restructuring strategy, which has seen the company shift toward a more diversified operating model spanning food services, hospitality, and seafood production. The focus, it added, remains on building steady earnings growth while strengthening its position in both domestic and export markets.