Fast-food giant Tantalizers Plc has undergone a significant board restructuring, signaling a shift in its ownership structure. This transformation comes after a private placement in May 2024, valued at N1.07 billion, which transferred a substantial 35.8% stake to Banklink Africa Private Equities and Food Specialities and Organics Limited (FSL), a UAE-based food supply chain enterprise.
New Ownership Structure: Banklink Africa and FSL’s Strategic Move
Banklink Africa, a private equity firm with a specialization in vessel and ship financing, was founded in 1999 and has now added Tantalizers to its investment portfolio. Food Specialities and Organics Limited (FSL), known for its extensive global food supply chain, provides ingredients to manufacturers, commodities to traders, and food products to hospitality establishments. Through this acquisition, FSL has gained a foothold in the African market, aligning its presence with its broader global strategy.
Restructuring the Board: Key Appointments and Leadership Changes
Following the acquisition, Tantalizers held a board meeting on October 15 to formalize its reconstitution under the new ownership. Adam Nuru, a prominent banking executive and former Managing Director of First City Monument Bank (FCMB) Limited, has been appointed as the new chairman of the board. Known for his role in co-founding Tech-Partners Capital, a digital banking solutions company, Nuru brings financial expertise to the board in this new capacity.
The restructured board also welcomes several new members: Charles Olayemi Ifidon, Oyebode Akinbode, Rob Speiljer, Abimbola Izu, Olusegun Ekundayo, and Israel Ovirih, CEO of Banklink Africa. Despite the change in majority control, two members from Tantalizers’ previous board have been retained: Bamidele Oke, the Executive Director of Finance, and Abosede Ayeni, the company’s co-founder and former Managing Director.
Tantalizers’ Founders and Previous Stakeholders: A Shift in Control
Founded in 1997 by Mofoluso and Abosede Ayeni, Tantalizers was previously controlled by the Ayeni family’s investment entity, Golden Ankhs Integrated Service, which held a 65.5% stake. Though the specific percentage of shares relinquished by the Ayeni family remains undisclosed, the private placement has effectively transferred majority control to the new shareholders.
Strategic Implications for Tantalizers Under New Leadership
With Banklink Africa and FSL at the helm, Tantalizers is poised for strategic shifts, potentially leveraging FSL’s robust supply chain network and Banklink’s expertise in investment funding. This new partnership could pave the way for expansion within Nigeria’s fast food and QSR industry and beyond. As Tantalizers repositions itself, it could further capitalize on its brand legacy in Nigeria while aligning with broader growth objectives across the African continent.
