Ikotun-based food processing company Alice Jegede Gourmet Foods, popularly known as Mama Alice Foods, has attracted investment from U.S.-based Favorfloat Financial Services in a strategic deal that combines business expansion with community development.
Favorfloat Financial Services is owned by Dr. Philip Jegede, a philanthropist and entrepreneur who also founded the Alice Jegede Feed My Children Foundation (AJFMCF) — a Benin City-based nonprofit that supports indigent mothers and provides infant formula for newborns.
Speaking about the investment, Dr. Jegede emphasized that the partnership is driven by more than just profit.
“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 up while improving your bottom line,” he said.
On September 26, 2025, Mama Alice Foods conducted a market test at Deke Supermarket in Ikotun, Lagos, introducing five products — stockfish heads, ground crayfish, cashew nuts, palm oil, and vegetable oil. All items sold out within 24 hours.
“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 momentum.”
Unlike typical suppliers, Mama Alice Foods goes a step further by conducting free consumer research for partner supermarkets — a service that can cost up to ₦2 million per store. This research helps supermarkets better understand customer preferences, boost sales, and retain loyal shoppers.
“Many small supermarkets cannot afford the advertising budgets of large chains,” Dr. Jegede explained. “With Mama Alice Foods, we help them compete.”
Product quality remains a central focus for the company.
“It’s common for people to buy ogbono from supermarkets and discover it doesn’t draw when cooked. With Mama Alice ogbono, customers get what they expect,” said General Manager Damilare Ogunsanya.
To support affordability, Mama Alice Foods also provides discount coupons for low-income shoppers, ensuring that quality products remain accessible to ordinary Nigerians.
Looking ahead, Favorfloat announced plans to partner with 200 supermarkets in 2025, on a first-come, first-served basis. Once this quota is filled, no new supermarkets will be onboarded until late 2026.
A key feature of the partnership is its social impact model. Twenty-five percent (25%) of all revenue is allocated to the Alice Jegede Feed My Children Foundation, meaning that every supermarket stocking Mama Alice products indirectly supports vulnerable mothers and infants.
“Supermarkets that carry Mama Alice Foods become socially responsible businesses,” Dr. Jegede said. “And consumers who buy the products are helping bring to life the old adage, ‘It takes a village to raise a child.’”
