Tantalizers, NPF Microfinance Bank get NGX warning letters for insider dealings

Tantalizers Plc and NPF Microfinance Bank Plc have received caution letters from the Nigerian Exchange Limited (NGX) due to insider dealings in the shares of the companies.

The sanctions imply that behind the polished storefronts of one of the most recognisable fast-food chains in Nigeria and the sterile boardrooms of the leading microfinance bank, share dealings outside listing rules were conducted.

Every listed company is required to provide NGX with timely information to enable it efficiently perform its function of maintaining an orderly market. Companies are required to disclose material information to NGX and publish the information in their Annual Reports. These two companies breached certain provisions of the Listings Rules and were sanctioned accordingly, the NGX said.

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The caution signals NGX growing concern over insider dealings and the transparency of transactions that happen far from the public eye.

Tantalizers Plc (+116% YtD)

This year, the shares of Tantalizers have risen by 116 percent, according to trading data as at Friday, February 20. The stock rose to N5.40.

The insider letter to Tantalizers Plc was dated February 10, while that of NPF Microfinance Bank was on February 17. The latest warnings from the NGX cast a cold light on the internal mechanics of these visible corporate entities.

Last 7 Days Trades

Recently, Tantalizers Plc, Nigeria’s emerging foodtainment powerhouse announced that Tantainment Limited, its wholly owned entertainment and media subsidiary, has received a N2 billion equity investment from a strategic investor, RGM Materials Solutions Limited. “This investment gives the investor 10 percent holding based on a recent N30billion ($20million) valuation received by the tech-driven platform and subsidiary – Tantainment Limited and its live-game show “Chances by Tantainment” set to go-live by Q2, 2026.”

“The investment marks a major milestone in the Group’s ongoing transformation and diversification strategy and reflects growing investor confidence in Tantainment’s business model, intellectual property portfolio, and long-term growth prospects within Nigeria’s expanding entertainment and digital content ecosystem.

“Tantalizers Plc and its subsidiary – Tantainment intend to utilize the proceeds to acquire strategic studio equipment and complete works on its Ikeja-based ‘Chances live-Studios’, develop proprietary entertainment content and strengthen operational, regulatory, and compliance frameworks amongst others. Tantainment Limited serves as the Group’s entertainment vehicle and is focused on the live-game shows, digital content, media production, and technology-enabled audience engagement platforms, and more importantly the flagship online and live-show “Chances by Tantainment,” the company said.

On the nature of Tantalizers Plc breach, the NGX said the company engaged in insider dealing in shares during closed period “a breach of the provisions of Rule 17:18: Period of Closure.”

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NPF Microfinance Bank Plc (+69% YtD)

The stock closed Friday February 20 at N6.27, which implies that it has risen this year by 69 percent.

Last 7 Days Trades

For NPF Microfinance Bank Plc, the NGX in the February 17 caution letter said the company also engaged in insider dealing in shares during closed period, “a breach of the provisions of Rule 17:18: Period of Closure.”