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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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Ebola: NCAA Directs Enhanced Surveillance Across Nigerian Airports

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ebola

By Adedapo Adesanya

The Nigeria Civil Aviation Authority (NCAA) has directed airlines, airport operators and other aviation stakeholders to intensify public health surveillance measures following the outbreak of Ebola Virus Disease (EVD) in parts of the Democratic Republic of Congo (DRC) and Uganda.

In a circular dated May 18, 2026, the NCAA said the directive became necessary due to growing concerns over the spread of the disease and the critical role of the aviation sector in preventing cross-border transmission.

The authority noted that although no confirmed case linked to the outbreak has been recorded in Nigeria, it is collaborating with the Federal Ministry of Health, the Nigeria Centre for Disease Control (NCDC), Port Health Services and international health organisations to closely monitor the situation.

According to the NCAA, health authorities in the DRC recently identified a cluster of severe illnesses among healthcare workers in the Bunia Health Zone in the northeastern part of the country.

Recall that Nigeria also said it would tighten surveillance after the World Health Organisation (WHO) declared a public health emergency after Ebola killed over 80 people in Congo and Uganda.

Laboratory investigations later confirmed the presence of the Bundibugyo virus, a strain of the Ebola virus family known to cause severe viral haemorrhagic disease in humans.

The authority stated that there is currently no licensed vaccine specifically approved for the Bundibugyo strain, while treatment remains largely supportive and symptom-based.

The NCAA listed symptoms associated with Ebola Virus Disease to include sudden fever, severe fatigue, persistent headache, vomiting, abdominal pain and bleeding manifestations such as nosebleeds or vomiting blood.

It stressed that early detection and immediate reporting remain critical to preventing the international spread of the disease.

As part of preventive measures, the authority said disease surveillance systems at airports have been strengthened, while contact tracing, case reporting mechanisms and border health screening procedures are also being reinforced.

The NCAA further directed pilots to notify Air Traffic Control of any suspected communicable disease cases onboard aircraft, in line with the Nigeria Civil Aviation Regulations.

It also instructed flight crew members to complete and submit Aircraft General Declaration forms for all suspected cases and mandated airlines to ensure passenger locator forms are completed and handed over to Port Health Services upon arrival.

The authority added that airlines must ensure aircraft are properly equipped with first aid kits, universal precaution kits and emergency medical kits.

It also urged operators to reinforce crew training on the identification and management of communicable diseases and ensure strict adherence to infection prevention and control guidelines.

The NCAA called on all aviation stakeholders to remain vigilant and comply fully with established public health protocols to safeguard passengers, crew members and the general public from potential health threats.

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Nigeria on High Alert as WHO Declares Ebola Emergency of International Concern

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ebola dr congo

By Adedapo Adesanya

The Nigeria Centre for Disease Control and Prevention (NCDC) has said that although the country currently has no confirmed case of Ebola Virus Disease (EVD), it is, nevertheless, actively strengthening surveillance.

This comes as the World Health Organisation (WHO) declared the Ebola outbreak in Congo and Uganda a public health emergency of international concern, after 80 deaths were attributed to the disease.

The WHO, however, stopped short of declaring a pandemic, saying it did not meet the necessary criteria. The United Nations agency advised countries against closing borders or restricting trade.

Early symptoms include fever, muscle pain, fatigue, headache, and sore throat, and are followed by vomiting, diarrhoea, a rash, and bleeding.

In a statement by its Director General, Mr Jide Idris, on Sunday, the NCDC noted that it is also ramping up laboratory readiness, infection prevention, and public awareness efforts across the country.

He said the centre was closely monitoring the situation due to increasing regional movement across African countries and was working with relevant stakeholders, including the Port Health Services under the Federal Ministry of Health and Social Welfare, to strengthen preparedness within Nigeria’s public health system.

“NCDC is closely monitoring the situation and working with relevant stakeholders, including the Port Health Services, to ensure continued vigilance and preparedness within the public health system,” he stated.

The NCDC boss described Ebola virus disease as a severe viral illness transmitted through direct contact with the blood, bodily fluids, secretions, or contaminated materials of infected persons or animals.

He noted that the disease has an incubation period ranging from two to 21 days, while symptoms include fever, weakness, headache, muscle pain, sore throat, vomiting, diarrhoea, and, in severe cases, unexplained bleeding.

Recall that Nigeria gained international recognition for successfully containing an Ebola outbreak in 2014 after an infected traveller arrived in Lagos from Liberia.

Healthcare workers were advised to maintain a high index of suspicion for Ebola, especially in patients presenting symptoms compatible with the disease alongside relevant travel or exposure history.

Idris stressed the importance of strict adherence to infection prevention and control measures, including early identification and isolation of suspected cases, proper use of personal protective equipment, hand hygiene, and prompt reporting through established channels.

“NCDC will continue to monitor the situation closely and provide updates as necessary,” he added.

NCDC advised Nigerians to remain calm, maintain good hand hygiene, avoid misinformation, and report unusual illnesses promptly.

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NNPC Donates MRI Machine, Others to Nnewi Teaching Hospital

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NNPC MRI Machine Nnewi teaching hospital

By Modupe Gbadeyanka

A 1.5 Tesla Magnetic Resonance Imaging (MRI) machine has been donated to the Nnamdi Azikiwe University Teaching Hospital (NAUTH), Nnewi, Anambra State, by the corporate social responsibility arm of the Nigerian National Petroleum Company (NNPC) Limited, NNPC Foundation.

In a statement on Sunday by its Chief Corporate Communications Officer, Mr Andy Odeh, the state-owned oil organisation said the medical item was given to the healthcare institution as part of its commitment to improving healthcare access and strengthening medical infrastructure across Nigeria.

The MRI system is expected to significantly improve access to advanced diagnostic imaging services for millions of Nigerians across the South-East (Anambra, Enugu, Imo, Abia and Ebonyi States) as well as neighbouring Delta State.

The foundation also provided critical supporting infrastructure, including RF shielding systems, chillers, backup UPS systems, electrical installations, specialised imaging accessories, ventilation systems, CCTV and oxygen monitoring systems, intercom communication facilities, and other patient comfort technologies designed to ensure optimal operation of the facility.

Before now, patients requiring advanced MRI diagnostic services often faced prolonged waiting periods, exorbitant costs, and the burden of travelling long distances in search of functional imaging centres.

But it is believed that the intervention of the NNPC Foundation would provide succour to patients.

At the presentation of the items to the institution over the weekend, the chief executive of the NNPC, Mr Bashir Bayo Ojulari, represented by the Managing Director of NNPC Foundation, Mrs Emmanuella Arukwe, described the intervention as a strategic investment in healthcare access, diagnostic precision, and improved patient outcomes, noting that the facility aligns with the company’s commitment to building sustainable systems and impactful national institutions.

“The installation of the MRI in NAUTH exemplifies our commitment, as our intent is to build enduring institutions, sustainable systems and legacies. This intervention aligns with our conviction that access to quality healthcare underpins human dignity, longevity and economic productivity,” Mr Ojulari stated.

‎He described the company’s social investments as viable currencies that strengthen the relationship between the Company’s core mandate of providing and managing energy for Nigerians and meeting stakeholders’ expectations.

‎In his remarks, the Governor of Anambra State, Mr Charles Soludo, who was represented by the Commissioner for Health, Dr Afam Obidike, said the intervention would enhance safe and precise diagnosis and treatment for patients across the South-East region.

He also commended NNPC Foundation for donating the MRI facility to the state, noting that the intervention would significantly improve access to quality healthcare services for the people.

The Chief Medical Director of NAUTH, Prof Joseph Ugboaja, thanked the donor for the items, saying NNPC Foundation has demonstrated that corporate social responsibility is not just a policy statement but a lifeline for institutions like ours.

“For too long, patients in our catchment area have had to travel long distances to access this level of diagnostic precision, often at prohibitive costs. With this installation, we will eliminate that burden,” he enthused.

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