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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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Nigeria Launches First National Antimicrobial Resistance Survey

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Antimicrobial Resistance Survey

By Adedapo Adesanya

Nigeria has launched its first nationally representative survey on antimicrobial resistance to generate critical data to guide evidence-based policies, improve patient outcomes, and strengthen health system resilience.

Antimicrobial resistance occurs when bacteria, viruses, fungi, and parasites evolve to resist treatment, making infections harder to cure.

As a result, surveillance is essential to track resistance patterns, identify priority pathogens, and guide targeted interventions and with support from the World Health Organization (WHO) and other partners, the initiative marks a milestone in the country’s public health response.

Nigeria becomes the third country globally to partner with WHO on a national antimicrobial resistance survey. having been selected based on the country’s strong commitment to AMR surveillance, its updated WHO Nigeria NAP 2.0, and readiness to expand laboratory and data systems.

Africa’s most populous country ranks 20th globally for age-standardized mortality due to antimicrobial resistance . In 2019, an estimated 263,400 deaths in Nigeria were linked to  it—more than the combined deaths from enteric infections, tuberculosis, respiratory infections, maternal and neonatal disorders, neglected tropical diseases, malaria, and cardiovascular diseases.

Globally, resistant infections in tertiary care settings cost between $2,371 and $29,289 per patient episode, extend hospital stays by an average of 7.4 days, and increase mortality risk by 84 per cent.

The survey will see the establishment of a national baseline on antimicrobial resistance prevalence to monitor interventions, assess the distribution, burden (morbidity, mortality, DALYs, cost), and diversity of AMR across regions and populations, as well as contribute to the global target of reducing AMR deaths by 10 per cent by 2030, in line with the political declaration endorsed at the 79th United Nations General Assembly in 2024.

It also seeks to strengthen routine antimicrobial resistance surveillance, including diagnostics, sample referral systems, and laboratory capacity.

Using WHO’s standardized methodology, the survey will run for 12–15 months and cover 40–45 randomly selected health facilities nationwide. Patients with suspected bloodstream infections (BSIs) will be identified using standard case definitions, and blood samples will be analysed in quality-assured laboratories.

Data will be collected across all age groups, covering clinical, demographic, laboratory, financial, and outcome indicators. Follow-up will occur at discharge, 28 days, and three months post-infection. The survey will sample approximately 35,000 patients suspected of BSIs to obtain around 800 isolates of the most common pathogens.

Dr Tochi Okwor, Acting Head, Disease Prevention and Health Promotion, Nigeria Centre for Disease Control and Prevention (NCDC) said, “With WHO’s support, we are confident the survey will generate the evidence needed to protect public health.”

WHO Representative in Nigeria, Dr Pavel Ursu, reaffirmed WHO’s commitment stating that ,“Nigeria is taking a decisive step toward combating AMR with an approach grounded in data, science, and measurable impact. This survey will provide the clarity needed to drive smarter policies, stronger surveillance, and better patient outcomes. Nigeria is laying the foundations for a resilient health system, one that protects lives, strengthens trust, and ensures that essential medicines remain effective for future generations.”

Adding her input, Dr Laetitia Gahimbare, Technical Officer at WHO Regional Office for Africa, added:“Strengthening surveillance enhances Nigeria’s capacity to detect and respond to AMR threats, supporting better patient outcomes, reinforcing health security, and building a resilient system.”

Professor Babatunde Ogunbosi, Paediatric Infectious Diseases Specialist at University College Hospital, Ibadan, highlighted the broader impact:, “This survey is about more than data. It’s about building national capacity for research, diagnostics, and policy. It integrates science into public health decision-making.”

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Our Vision Extends Beyond Offering Health Insurance Packages—SUNU Health

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SUNU Health walk

By Modupe Gbadeyanka

One of the leading Health Maintenance Organisations (HMOs) in Nigeria, SUNU Health, has said its philosophy is proactive wellness, noting that this was why it recently partnered with The Divine Physician and St. Luke Catholic Chaplaincy Centre for a community health initiative.

The chief executive of the company, Dr Patrick Korie, said, “SUNU Health’s vision extends far beyond merely offering health packages and insurance.”

“We are fundamentally interested in proactive wellness—preventing illness rather than just treating it. This annual exercise is a crucial part of that commitment, and we will continue to champion it for as long as we exist,” he stressed.

The medical practitioner led the company’s annual Health Walk in Lagos on Saturday, November 8, 2025. The event drew hundreds of health enthusiasts, including the Chaplain of the centre, Rev Fr. John Okoria SJ.

His active participation reinforced the spiritual and moral commitment to holistic well-being, proving crucial in mobilizing staff and community members, thereby ensuring the vital wellness message reached a broad and deeply engaged audience.

The health walk covered several major streets in Lagos, starting from Ishaga Road and navigating through Itire Road, Randle Avenue, Akerele, Ogunlana Drive, and Workers Street before concluding back at the starting point. Following the vigorous walk, participants engaged in a session of high-energy aerobics and other outdoor exercises, reinforcing the day’s focus on fitness.

“We are delighted to champion this vital health initiative alongside the Catholic Chaplaincy Centre LUTH/CMUL. The turnout was truly delightful, reflecting the community’s deep desire to embrace wellness.

“Collaborations like this amplify our message and commitment to the Nigerian community,” the Brand and Corporate Communications Lead at SUNU Health, Mr Samuel Olayemi, stated.

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80 Coronation Registrars Staff Donate Blood in Lagos CSR Initiative

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blood donation

By Adedapo Adesanya

Coronation Registrars Limited, a subsidiary of Coronation Group, in partnership with the Lagos State Blood Transfusion Committee (LSBTC), recently hosted a Blood Drive Initiative at the 5th floor of Coronation Group Plaza. The event saw over 80 staff donate blood to support critical healthcare needs in Lagos State.

The Blood Drive Initiative forms part of Coronation’s commitment to meaningful, human-centred corporate social responsibility, a direct, measurable, and life-saving effort that reflects the Group’s health and sustainability values.

As Prosperity Partners dedicated to creating sustainable wealth for clients and the African continent, Coronation recognises that true prosperity extends beyond financial returns to encompass the well-being of communities we serve.

The company noted that this initiative enabled it to deliver immediate social impact by supporting national blood supply shortfalls through employee-driven action, demonstrate leadership in health-focused CSR aligned with ESG goals and SDG 3 (Good Health & Well-being), strengthen internal culture by fostering employee engagement, empathy, and purpose in a safe, structured environment, and reinforce corporate reputation through public-facing acts of service, stakeholder trust, and media visibility.

Blood donation remains a critical need in Nigeria, where regular blood supply is essential for emergency care, surgeries, and treatment of various medical conditions. Each donation can save up to three lives, and the collective effort of Coronation employees will significantly impact patients in need across Lagos State healthcare facilities.

“This aligns seamlessly with Coronation’s broader sustainability agenda, which views healthcare access as fundamental to building prosperous communities across Africa,” the company said in a statement on Tuesday.

Partnering with a certified medical institution, the drive was professionally managed, medically compliant, and logistically efficient. Participants underwent necessary medical screening procedures to ensure donor fitness and safety. Following their donations, donors received refreshments and appreciation for their life-saving contribution.

“At Coronation, we believe in making a meaningful difference in the communities we serve,” said Mr Oluseyi Owoturo, Chief Executive Officer of Coronation Registrars Limited. “This Blood donation Initiative reflects our values in action, saving lives, building community, and positioning the company as a purpose-driven brand. We’re proud of our employees who stepped forward to donate blood and save lives. This is what sustainable impact looks like: tangible solutions that address real challenges facing our continent.”

The partnership with the Lagos State Blood Transfusion Committee ensured professional handling of the donation process, meeting all safety and quality standards for blood collection and storage.

Coronation Registrars Limited says it continues to demonstrate that corporate success goes hand-in-hand with social responsibility.

“This initiative reinforces the company’s purpose to create a prosperous future for clients and the African continent through transformational solutions,” it added.

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