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How HealthPlus Founder Was Lured to Transfer 51.1% Stake to PE Investors

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Bukky George

By Dipo Olowookere

One of the issues causing uproar in the business space in Nigeria at the moment is the leadership tussle between the founder of HealthPlus Limited, Mrs Bukky George, and the private equity investors in the pharmaceutical firm, Alta Semper Capital.

The issue became a public affair after the investors announced the removal of Mrs George as the CEO of the company and appointed Mr Chidi Okoro as the Chief Transformation Officer (CTO).

The founder kicked against this in a statement, where she maintained that her position as the head of the organisation remains intact, accusing Alta Semper of attempting to take the company away from her.

On Tuesday, the legal counsel of Mrs George issued a statement, where it was stated that the founder gave a controlling stake of the company to the foreign investors.

It was observed that while Mrs George controls 48.9 per cent stake in HealthPlus, the other investors have 51.1 per cent and the reason was that they promised to invest $18 million in the firm, but according to her, only $10 million has been released since the deal between both parties was sealed in 2018.

From information gathered by Business Post, Mrs George agreed to transfer the control of the company’s major stake to the private investors because it was one of the conditions for investing in the company and an arrangement was made for them to quit after five years when they would have recouped their investment.

Read the full details below:

Over the last few days, there have been in the news and social media, stories of the removal of Mrs Bukky George as CEO of Health Plus Limited (‘HealthPlus’), the appointment of one Mr Chidi Okoro as Chief Transformation Officer, and the attempted hostile takeover of the Company by agents of Alta Semper Capital (a foreign private equity firm which invested in the Company in 2018).

It has, therefore, become necessary for the Company to issue a formal statement on the on-going dispute and set the record straight.

Apart from matters of illegality and violations of extant Nigerian legislation that trail and taint the transaction (which are being articulated in Court), the following is a summary of the actual facts.

Background

HealthPlus was founded in 1999 by Mrs Bukky George and is Nigeria’s first integrative pharmacy and the largest and fastest-growing pharmacy chain in West Africa. As of March 2018, it operated 76 retail pharmacy and beauty stores, with presence in 11 states and the FCT, employing 800 Nigerians and was already the largest private employer of pharmacists in Nigeria.

In 2018, HealthPlus partnered with Alta Semper Capital LLC UK to inject fresh capital to grow the business. Alta Semper pledged Africa-focused, healthcare-focused, flexible capital to take advantage of the opportunities in the marketplace in order to scale the business.

The investment into HealthPlus was to enable the Company to capture the pent-up demand for high-quality yet affordable medicines, healthcare products and beauty supplies, to rapidly expand the company’s footprint across Nigeria, establish a distribution centre, develop B2B channels and e-commerce. Alta Semper Capital undertook to commit USD18 million into HealthPlus whilst retaining Mrs Bukky George as CEO.

Litigation

At the time of the equity investment in 2018, Mrs Bukky George transferred 95 per cent ownership of HealthPlus to a new entity called HealthPlus Africa Holdings Limited (incorporated in Mauritius), whilst retaining 5 per cent shares in her own name. HealthPlus Africa Holdings Limited is owned by Mrs Bukky George (46.2 per cent) and Idi Holdings (53.8 per cent). Idi Holdings is Alta Semper’s investment vehicle.

In essence, Mrs Bukky George owns (directly and indirectly) 48.9 per cent of HealthPlus and is the only Nigerian registered Pharmacist shareholder and director in the company.

Alta Semper Capital provided part of the first tranche of $10 million with which the company achieved several of the initiatives in its business plan. However, it soon appeared that they (Alta Semper) were unable to come up with the balance of the equity investment.

In May 2020, after 15 months of delayed funding, breached agreements, unmet expectations, dwindling inventory, reputational damage to the company and its founder, and an attempt to ‘promote’ Mrs Bukky George to the position of Chairman; Mrs Bukky George instituted legal action at the Lagos Division of the Federal High Court [in Suit No. FHC/L/CS/609/2020] seeking reliefs aimed at stopping Alta Semper Capital and its nominees from running and managing the company in an oppressive and prejudicial manner and in disregard of her interests as a shareholder.

There is pending, in that case, a Motion on Notice for Interlocutory Injunction dated May 27, 2020 seeking to restrain the Respondents from removing her as CEO.

Upon being served with the Court process, the Alta Semper Capital nominees who are Respondents to the suit did not file any defence but appealed that the parties mediate their dispute. They, however, chose to truncate the mediation process after three meetings over a period of three months. Their intransigence frustrated Mrs Bukky George’s other nominee director and the Chairman into resigning from the Board.

The Board (which by the transaction documents MUST comprise of five members) now has just three directors and has not met for the last six months. The next time that Mrs Bukky George heard from the Alta Semper Capital nominees was when they wrote to her, on September 25, 2020, wrongfully and unlawfully stating that they had terminated her appointment as CEO – when in fact they had no authority or power to do so.

The Takeover Attempt

On Wednesday, September 23, 2020, Mr Zachary Fond and other agents of Alta Semper Capital flew into Nigeria and were allowed entry on Visa on Arrival (VoA) basis.

In what appears to be a clear violation of the conditions of their respective VoA, they have been unlawfully parading themselves as Executive Directors of HealthPlus.

They have (albeit without any authority) sought to involve themselves in the day-to-day management of HealthPlus by inviting staff to meetings, purporting to issue directives, and issuing press statements, letters and mails on forged Company stationery to suppliers, bankers, security operators and regulators.

On Friday, September 25, 2020, Ms Afsane Jetha and Mr Zachary Fond in complete disregard of the pending Motion on Notice co-signed a letter on forged company stationery purporting to terminate Mrs Bukky George as CEO of the company.

The settled position of the law in Nigeria is that any attempt to remove Mrs Bukky George as CEO whilst the application for an interlocutory injunction is still pending amounts to flagrant disregard of, and an affront on the authority of the Court.

The Legal Position

Mrs Bukky George remains the Founder & CEO of the company and continues to run the company with the support of staff, suppliers, customers, landlords, banks and service providers – who have related with her over 20 years, who believe in her and her vision, and have helped her build the company to the enviable brand it has become. The purported termination of her appointment as CEO cannot stand in law.

This Notice serves as a caveat to the general public, the Pharmacists Council of Nigeria, Pharmacy Associations, our staff, loyal customers, vendors, landlords, bankers and all stakeholders to disregard all communication from Alta Semper Capital and or its nominees and agents. They do not have any authority to issue directives on behalf of or bind Health Plus Limited. The dispute is sub-judice.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Union Disrupts NAFDAC Operations in Lagos Over Sachet Alcohol Ban

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disrupt nafdac office lagos

By Adedapo Adesanya

Members of the National Union of Food, Beverage and Tobacco Employees protested at the Lagos office of the National Agency for Food and Drug Administration and Control (NAFDAC), disrupting operations in reaction to the ban on sachet alcohol.

The protesting union members barricaded the agency’s premises in Isolo, meaning staff who arrived early to resume duty were forced to remain outside the complex.

Recall that NAFDAC has continued the ban on alcoholic beverages sold in sachets and PET bottles below 200 millilitres, despite calls from certain quarters, including the picketers.

The union is demanding the immediate unsealing of affected factories and production lines, warning that sustained enforcement of the policy could trigger significant economic consequences across the industry.

It is the second time this month that union members disrupted the Lagos NAFDAC office over what they described as the agency’s refusal to comply with an alleged federal government directive to suspend enforcement of the ban on the production and sale of alcoholic beverages in sachets.

The union claimed that directives had been issued by the Office of the Secretary to the Government of the Federation and the Office of the National Security Adviser, calling for the suspension of enforcement and the reopening of sealed production lines.

However, NAFDAC dismissed the claims, maintaining that it had not received any official instruction from the Federal Government to halt enforcement of the ban on sachet and PET-bottled alcohol.

Meanwhile, police officers were later seen at the NAFDAC Isolo premises, which dispersed the blockade to allow NAFDAC staff back into the premises.

Representatives of the Director-General of NAFDAC later engaged the protesting union in talks, but the meeting ended without resolution as demonstrators insisted their agitation would continue.

Union leaders presented their concerns during closed-door discussions with a director within the agency and the Special Assistant to the Director-General. However, no agreement was reached.

The protesters are urging NAFDAC to reconsider what they describe as the strict enforcement of the ban on sachet alcohol. Instead, they want the agency to focus on regulating access to such products, particularly by restricting sales to minors, while intensifying public enlightenment campaigns on responsible consumption.

Despite this, protesters say they will not stop until their demands are addressed.

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Modern Veterinary Clinics For Advanced Pet Care

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Petfolk Veterinary

As companion animals live longer and owners expect more from routine care, modern veterinary clinics have evolved into centers offering advanced diagnostics, specialty surgery, and integrative therapies. For busy professionals juggling work, travel, and online business demands, knowing which clinic delivers comprehensive care is essential. Frisco vet services illustrate how these modern practices combine cutting-edge technology, multidisciplinary expertise, and client-focused workflows. This article outlines the infrastructure, service offerings, and decision criteria that indicate a clinic capable of providing contemporary, evidence-based care while keeping visits efficient and stress-free for both pets and owners.

What Defines A Modern Veterinary Clinic

A modern veterinary clinic is defined less by a single piece of equipment and more by an integrated approach that combines up‑to‑date technology, specialized staff, and clinic design that prioritizes safety and comfort. These clinics treat animals with complex conditions, run efficient workflows, and communicate transparently with owners.

Key Infrastructure And Technology Investments

Contemporary clinics invest strategically in diagnostic and treatment modalities that materially change outcomes: digital radiography for rapid imaging, in‑house laboratories for same‑day blood work, ultrasound for real‑time organ assessment, and advanced surgical suites with anesthesia monitoring. Investment also includes infection‑control systems, reliable HVAC, and sterilization equipment. These capital decisions reduce turnaround time for diagnoses and support complex procedures that previously required referral.

Staffing, Specialization, And Continuing Education

Staffing reflects clinical ambition: veterinarians with specialty training (DACVS, DACVIM, DACVECC), certified veterinary technicians, and support staff trained in low‑stress handling. Modern clinics often host visiting specialists or maintain referral relationships with tertiary centers. Importantly, clinics that prioritize continuing education schedule regular training, subscribe to current literature, and engage in case reviews, actions that keep protocols current and improve outcomes.

Clinic Design For Safety, Flow, And Comfort

Design matters. Logical patient flow minimizes cross‑contamination and stress: separate entrances for healthy and sick patients, dedicated isolation wards, and distinct surgical zones. Comfortable client areas, clear signage, and private consultation rooms improve communication and compliance. For pets, non‑slip surfaces, quiet recovery areas, and pheromone‑friendly environments reduce anxiety, which in turn improves diagnostic accuracy and post‑procedure recovery.

Advanced Diagnostic Capabilities

Diagnostics are the backbone of modern pet care. Faster, more precise tests enable tailored treatment plans and earlier interventions.

Advanced Imaging: Digital X‑Ray, Ultrasound, CT, And MRI

Digital X‑ray provides high‑resolution images with immediate availability and easier sharing for remote consults. Ultrasound is indispensable for soft‑tissue evaluation and guided biopsies. CT and MRI, once exclusive to academic centers, are now present in many referral clinics, allowing detailed assessment of complex fractures, thoracic disease, neurologic conditions, and staging of cancer. Image quality and interpretation, often augmented by teleradiology, lead to more confident surgical planning and prognostication.

Laboratory, Point‑Of‑Care Testing, And Genomic Diagnostics

In‑house labs produce same‑day CBCs, chemistry panels, and cytology, accelerating decision‑making. Point‑of‑care tests for infectious agents, endocrine disorders, and clotting function add convenience without sacrificing reliability. Genomic diagnostics, from breed‑specific risk panels to tumor genomics, are increasingly accessible, enabling targeted therapies and risk stratification for hereditary conditions.

How Diagnostics Inform Preventive Care And Personalized Medicine

Diagnostics underpin preventive medicine: heartworm antigen tests, thyroid screening, and wellness blood panels reveal problems before clinical signs appear. Personalized medicine emerges when diagnostics inform individualized vaccination schedules, dietary plans, or monitoring frequency. The result: care that reduces emergency visits and improves long‑term quality of life.

State‑Of‑The‑Art Surgical And Interventional Services

Surgery in modern clinics spans routine spays and neuters to complex orthopedic reconstructions and image‑guided interventions.

Minimally Invasive, Laser, And Image‑Guided Procedures

Minimally invasive techniques, arthroscopy, laparoscopy, and endoscopy, reduce pain, shorten hospital stays, and speed return to function. Laser surgery provides precision and reduced bleeding for soft‑tissue procedures. Image‑guided interventions, such as CT‑guided biopsies or fluoroscopy for foreign body retrieval, allow targeted treatments that were once riskier or impossible.

Anesthesia, Pain Management, And Perioperative Safety

Anesthesia protocols are more nuanced today: individualized drug selection, multimodal analgesia, regional blocks, and continuous monitoring (ECG, capnography, pulse oximetry) improve safety. Preoperative assessment, including risk stratification and optimization of comorbidities, reduces complications. Recovery protocols emphasize early mobilization and aggressive pain control to prevent chronic pain syndromes.

Postoperative Rehabilitation And Recovery Protocols

Rehabilitation is an expected component of surgical care. Physical therapy, hydrotherapy, and tailored exercise plans reduce muscle atrophy and improve joint function. Clinics often provide home‑care instructions and scheduled reassessments to track progress and adjust protocols. These programs turn good surgical outcomes into durable functional gains.

Petfolk Veterinary & Urgent Care – Frisco


Advanced Therapeutics And Specialty Treatments

Beyond diagnostics and surgery, modern clinics deliver advanced therapeutics that extend and improve life quality.

Regenerative Medicine: Stem Cells And PRP

Regenerative modalities like mesenchymal stem cell therapy and platelet‑rich plasma (PRP) injections aim to stimulate healing in tendon, ligament, and osteoarthritic conditions. While still an evolving field, controlled studies and clinical experience show promising functional improvements for select patients. Clinics offering these therapies combine careful case selection with measurable outcome tracking.

Oncology, Neurology, Cardiology, And Other Specialties

Specialty services allow complex, multidisciplinary care. Veterinary oncologists provide staging, chemotherapy, and radiation planning: neurologists manage seizure disorders and spinal disease: cardiologists use echocardiography and interventional procedures for congenital heart defects. Integration with imaging and lab diagnostics enables cohesive care pathways that mirror human tertiary centers.

Integrative Therapies: Physical Rehab, Acupuncture, And Nutrition

Integrative care recognizes the value of adjunctive treatments. Acupuncture and targeted nutrition plans complement medical therapy for chronic pain and mobility issues. Nutritional counseling, including therapeutic diets for renal, cardiac, or dermatologic disease, is standard in clinics focused on long‑term outcomes.

Improving Pet And Client Experience With Technology

Technology enhances both clinical care and client experience, especially for owners who need efficient, transparent services.

Telemedicine, Remote Monitoring, And Virtual Follow‑Ups

Telemedicine extends access for triage, follow‑ups, and behavioral consultations. Remote monitoring devices, activity trackers, continuous glucose monitors, and wearable ECGs, provide objective data between visits. Virtual follow‑ups reduce travel burdens and let clinicians adjust care in real time, improving adherence and satisfaction.

Electronic Medical Records, Client Portals, And Scheduling Tools

Electronic medical records (EMRs) streamline documentation and support coordinated care. Client portals give owners access to vaccination histories, lab results, and discharge instructions. Integrated scheduling and automated reminders decrease no‑shows and improve preventive care compliance, a benefit both to clinics and busy clients.

Pain Management, Behavior‑Based Care, And Low‑Stress Handling

Client experience is inseparable from pet comfort. Modern clinics train staff in low‑stress handling techniques and behavior‑based protocols that reduce fear and aggression. Transparent pain‑management plans, clear cost estimates, and follow‑up communications foster trust and better outcomes.

How To Choose The Right Modern Clinic For Your Pet

Choosing a clinic requires practical criteria and an understanding of trade‑offs between convenience, specialization, and cost.

Questions To Ask: Credentials, Equipment, And Outcomes

Prospective clients should ask about specialist credentials, the availability of imaging and lab services, and the clinic’s approach to anesthesia and pain control. Request examples of similar cases and expected outcomes. A clinic that welcomes such questions is often more transparent and results‑oriented.

Cost, Insurance, And Referral Pathways

Advanced care carries higher costs. Discuss fee structures, payment options, and whether the clinic works with pet insurance. Understand referral pathways: does the clinic refer to or host board‑certified specialists? Clear referral and co‑management policies indicate maturity and a networked approach to care.

Evaluating Reviews, Accreditation, And Collaboration With Primary Vets

Look for consistent reviews that mention communication, follow‑up, and outcomes rather than isolated flashy cases. Accreditation (AAHA in the U.S.) or affiliation with universities can signal adherence to higher standards. Finally, the best specialty clinics collaborate with primary care veterinarians, ensuring continuity rather than competition.

Conclusion

Modern veterinary clinics for advanced pet care combine technology, specialization, and thoughtful design to deliver better diagnostic accuracy, safer surgeries, and more personalized therapies. Pet owners benefit when clinics pair capabilities with clear communication, transparent costs, and collaborative care models. For professionals, including small business owners and busy entrepreneurs who value efficient, outcome‑driven services, selecting a clinic that integrates advanced diagnostics, robust perioperative care, and client‑centric technology yields the best chance for sustained pet health. As veterinary medicine continues to mirror human healthcare in capability and complexity, informed choices and trusted partnerships between owners and clinics will determine the real value of those advances.

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Oyo Seals Ar-Rahmon Khabul Herbal Over Health Concerns

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OYRLEA

By Modupe Gbadeyanka

An Ibadan-based herbal company, Ar-Rahmon Khabul Herbal Nigeria Limited, has been sealed by the Oyo State Rule of Law Enforcement Authority (OYRLEA).

The state government, in a statement signed on Friday by the Commissioner for Information, Mr Dotun Oyelade, revealed that the herbal firm was shut down due to environmental violations and public health concerns.

The leader of OYRLEA, Mrs Aderonke Aderemi, explained that the action was taken after multiple petitions from residents alleging persistent offensive odour and health challenges linked to the company’s operations.

She noted that the state government swung into action “to protect public health, preserve environmental standards, and enforce regulatory compliance across the state.”

It was gathered that investigations identified tobacco leaf as a major component in its production process, generating a strong, putrid odour deemed hazardous to residents and capable of posing serious health risks to the surrounding community.

“Joint inspections by officials revealed that the company operates a herbal production facility within a densely populated residential area, in clear violation of environmental and public health standards,” the statement said, adding that further findings from the inspection include the emission of harmful and toxic gaseous substances into the atmosphere, the discharge of wastewater into a nearby community water body, the installation of a chimney deemed too short and directly facing residential buildings, and the accumulation of solid waste within the premises despite claims of engaging a waste contractor, among others.

Prior to the enforcement action, the agency had issued an abatement notice directing the company to cease operations and relocate within 21 days in accordance with the Oyo State Environmental, Sanitation and Waste Control Regulations.

OYRLEA, along with the agencies that carried out the enforcement, reiterates that air pollution, hazardous waste discharge, and improper waste management are violations of environmental laws.

Mrs Aderemi reaffirmed OYRLEA’s commitment to sustained monitoring and enforcement to ensure a safe and healthy environment for all residents.

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