An Ikotun-based food processing company, Alice Jegede Gourmet Foods, trading as Mama Alice Foods, has attracted investment from the U.S.-based Favorfloat Financial Services, in a deal that blends business growth with social impact.
Favorfloat Financial Services, owned by philanthropist and entrepreneur Dr Philip Jegede, is also the founder of the Alice Jegede Feed My Children Foundation (AJFMCF), a Benin City nonprofit that provides food and infant formula for newborn mothers.
Regarding the investment, Dr Jegede noted that profitability alone was not the driving force. “The effect is always reciprocal when you treat a person or a business right by valuing their time or money and finding a way to lift them while improving your bottom line,” he said.
Mama Alice Foods recently tested five products—stockfish heads, ground crayfish, cashew nuts, palm oil and vegetable oil—at Deke Supermarket in Ikotun, Lagos, on September 26, 2025. Within 24 hours, all items were sold out.
“We didn’t just get supplies; the Mama Alice team came with a strategy that generated revenue for us and value for our customers,” said Mr Bode Thomas, manager at Deke Supermarket.
“We are already waiting for restocking to maintain the gap.”
The company’s approach goes beyond supplying goods. Mama Alice Foods invests in consumer research for partner supermarkets, a service that could cost up to ₦2 million per store but is offered free of charge. This data helps stores understand customer preferences and attract repeat buyers, who often bring in family and friends.
“Many small supermarkets cannot afford the advertising budgets of large chains,” Dr Jegede observed. “With Mama Alice Foods, we help them compete.”
For General Manager Damilare Ogunsanya, product quality is key. “It is common for people to buy ogbono in supermarkets and discover it does not draw when cooked. With Mama Alice ogbono, customers get what they expect,” he said. To address affordability, the company also issues discount coupons redeemable by low-income shoppers, reinforcing its goal of making quality foods accessible to ordinary Nigerians.
According to Favorfloat, the company plans to partner with 200 supermarkets in 2025, with participation handled on a first-come, first-served basis. No new supermarkets will be added until late 2026 once the quota is filled. Perhaps the most distinctive feature of the enterprise is its commitment to social impact: 25% of all revenue goes to the Alice Jegede Feed My Children Foundation, ensuring that every supermarket stocking Mama Alice products indirectly supports indigent mothers and infants.
As Dr Jegede put it, “Supermarkets that carry Mama Alice Foods become socially responsible businesses. And consumers who buy the products are helping bring to life the adage, “It takes a village to raise a child.”
