Tantalizers reconstitutes board, gets new majority shareholders

…Ayeni family no longer in charge

Fast food company, Tantalizers Plc has reconstituted its board in line with a change in its ownership.

In May 2024, a private placement valued at N1.07 billion in Tantalizers resulted in a 35.8 percent stake being acquired by Banklink Africa and Food Specialities and Organics Limited, a food company based in the United Arab Emirates.

Banklink Africa Private Equities is a private equity firm established in 1999 with a speciality in raising funds for ship and vessel financing.

Food Specialities and Organics Limited (FSL), the other new majority shareholder, is a food company domiciled in the UAE. The group operates one of the most diverse supply chain networks in the global food industry. It supplies ingredients to food manufacturers, supplies dairy commodities to traders, and food products to hotels and restaurants.

Through its investment in Tantalizers, FSL has established itself in the African market.

According to a corporate disclosure on the NGX website, in alignment with the new management of the company, the board met on October 15 to reconstitute itself, with Adam Nuru appointed as the new board chairman.

Adam Nuru is renowned for his role as the previous Managing Director of FCMB Limited, who handed over to the current MD/CEO, Yemisi Edun.

After leaving FCMB, Nuru co-founded a digital banking solutions company, Tech-Partners Capital. Other members of the new Tantalizers board include Charles Olayemi Ifidon, Oyebode Akinbode, Rob Speiljer, Abimbola Izu, Olusegun Ekundayo, and the CEO of Banklink Africa, Israel Ovirih.

Two members of the company’s board were retained following the acquisition, including Bamidele Oke, the Executive Director of Finance, and Abosede Ayeni, the co-founder and former Managing Director.

Tantalizers was founded in 1997 by husband and wife, Mofoluso and Abosede Ayeni, the erstwhile Vice Chairman and Managing Director of the company. The couple alongside their family office, Golden Ankhs Integrated Service held 65.5 percent of the company before the private placement.

However, it is unknown how many percent of their stake was sold to the two new substantial shareholders granting them majority shareholding in the company.