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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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QPSI Offers Free Healthcare Services, Others to 500 Ajegunle Residents

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QPSI 500 Ajegunle Residents

By Modupe Gbadeyanka

Over 500 residents of Ajegunle in Lagos enjoyed free healthcare services, comprehensive health education, youth mentorship, and community engagement activities at a one-day event organised by Queens Palm Support Initiative (QPSI).

This is part of the organisation’s Reach 1000 Initiative, deliberately designed to address immediate healthcare needs and empower individuals with the knowledge, resources, and support required to live healthier, more productive, and dignified lives.

QPSI is a non-profit organisation established by Ms Sabrina Ozma dedicated to advancing community development, healthcare advocacy, youth empowerment, leadership education, and social impact interventions across Nigeria. Fou

At the Ajegunle programme held at Bola Ige Millennium School, Tolu Complex, participants received a comprehensive range of healthcare services facilitated by accredited medical professionals, including general medical consultations and health assessments, malaria screening, diagnosis and treatment, blood sugar testing and diabetes awareness, comprehensive eye examinations and vision assessments, as well as specialist neurosurgical consultations provided by medical experts from Dukes Neurosurgery and Specialist Hospital.

Also, Reals Pharmaceutical Limited provided and distributed antimalarial medications to beneficiaries, ensuring continuity of treatment and improved health outcomes beyond the day of the outreach.

Ms Ozma, while speaking at the event, said access to quality healthcare remains one of the most pressing challenges confronting underserved communities across Nigeria.

According to her, interventions such as the Reach 1000 Initiative are deliberately designed to close this gap, not only by addressing immediate healthcare needs but by empowering individuals with the knowledge, resources, and support required to live healthier, more productive, and dignified lives.

Beyond healthcare delivery, the initiative featured structured health education and awareness sessions focused on disease prevention and early symptom recognition, personal hygiene and sanitation best practices, nutrition and food safety, healthy lifestyle habits, and the importance of routine medical check-ups.

In addition, a media personality and youth advocate, Ms Blessing Lopez, led engaging conversations around personal growth, confidence, and purpose-driven living, while entertainer Larry J inspired participants through discussions on resilience, positive decision-making, and the importance of becoming active contributors to societal progress.

The programme also attracted notable participation from government institutions and civil society organisations, highlighting the importance of multi-sector collaboration in addressing community challenges.

The Executive Secretary of the Lagos State Domestic and Sexual Violence Agency (DSVA), Mrs Titilola Vivour-Adeniyi, engaged participants on safeguarding, protection against domestic and sexual violence, and the importance of building safer communities.

Further, representatives of the Cleen Foundation facilitated discussions on crime prevention, community security, and the role of young people in promoting civic responsibility and the rule of law, while the Crime Prevention Partnership (CPP) led discussions on community-led safety strategies and citizen participation in fostering safer neighbourhoods.

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WHX in Lagos 2026: Nigeria Open for Healthcare Investment—FG

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WHX in Lagos 2026

By Modupe Gbadeyanka

The federal government has urged global investors and innovators to tap into the Nigerian healthcare ecosystem, which is projected to grow by 7.1 per cent, reaching a market value of $161.7 million by 2027.

This advice was given by the Minister of State for Health and Social Welfare, Mr Isiaq Salako, at the opening of the World Health Expo (WHX in Lagos 2026), formerly known as Medic West Africa, on Tuesday in Lagos.

The broader West African market is expected to reach more than $11 billion, providing investors with an opportunity to get a good return on investment.

“Nigeria is open for healthcare investment. We want platforms like WHX in Lagos to serve as a critical conduit for translating this investment ambition into tangible technology access for our hospitals and patients,” the Minister, who declared the event open on behalf of President Bola Tinubu, said.

He praised the organisers of the expo, which welcomed over 8,000 healthcare professionals and 500 exhibitors spanning 40 countries, for growing the programme into a vital catalyst for West African healthcare transformation.

Addressing the stark reality that between 85 per cent and 99 per cent of medical equipment and in vitro diagnostics in West Africa are currently imported, Mr Salako outlined aggressive federal interventions designed to dismantle supply chain vulnerabilities and skyrocket local manufacturing capabilities.

He also spotlighted key presidential directives, including the Presidential Initiative to Unlock Healthcare Value Chains (PVAC) and the Presidential Executive Order for the Pharmaceutical and Allied Sectors, both engineered to catalyse health security, drive economic growth, and generate employment through strategic private-sector collaborations and Public-Private Partnerships (PPPs).

“Our commitment to improving access to modern equipment and technologies in hospitals is backed by concrete action. The government has inaugurated the $1.2 billion Sector-Wide Approach (SWAP) initiative, a comprehensive overhaul addressing financing, workforce development, and infrastructure.

“Furthermore, for the 2025 fiscal year, the Federal Government committed N402 billion specifically for health sector infrastructure investment,” he stated, also highlighting an expansive health infrastructure upgrade program in partnership with the Nigeria Sovereign Investment Authority (NSIA).

According to him, this phased initiative is actively delivering oncology and nuclear medicine centres across six tertiary hospitals, alongside establishing 22 modern medical diagnostic centres, seven cardiac catheterisation laboratories, and expanded radiology and clinical pathology capabilities distributed across Nigeria’s six geopolitical zones.

Also speaking, the chief executive of EHA Clinics, Dr Ifunanya Ilodibe, stressed the urgent need to support and unify fragmented growth within the healthcare system, noting that WHX serves as the precise ecosystem platform required to bring together policymakers, clinicians, and investors to move actionable strategies forward.

Also, the President of the Healthcare Federation of Nigeria (HFN) and Country Director of PharmAccess, Njide Ndili, said, “HFN bridges the gaps in health financing, opening up critical connections to achieve true health sovereignty,” praising Africa CDC’s historical intervention, particularly during the Ebola crisis and urged participants to utilise the WHX exhibition floor to forge collaborations capable of scaling locally produced medical equipment.

The Lagos State Commissioner for Health, Mr Akin Abayomi, on his part, highlighted the enforcement of the National Health Insurance Authority (NHIA) Act in Lagos State as a landmark regulatory milestone. The Act mandates health insurance for all residents, structuring the financial environment to guarantee medical protection across various socioeconomic levels.

Delivering the keynote address, the Special Regional Representative of the Director General of the Africa CDC Western Regional Coordinating Centre, Prof. Aliko Ahmed, called on leaders in geopolitical positions to enact liberating trade policies aligned with the African Continental Free Trade Area (AfCFTA) to shape the continental agenda, emphasising that the Africa CDC will fiercely prioritise building trust in locally manufactured healthcare products.

WHX in Lagos 2026 runs for three days, featuring accredited forums, cutting-edge product showcases, and high-level networking tracks designed to translate billions in public and private investment into immediate technology access for hospitals and patients.

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Euracare Secures Court Order Halting Inquest into Chimamanda Son’s Death

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Euracare

By Adedapo Adesanya

The coroner’s inquest into the death of 21-month-old Nkanu Adichie-Esege, son of renowned author Chimamanda Ngozi Adichie, suffered a major setback on Wednesday after Euracare Multi-Specialist Hospital informed the coroner’s court that it had obtained an order of the Lagos State High Court staying further proceedings in the probe.

The matter came before Coroner Magistrate Atinuke Adetunji at Court 9, Igbosere Magisterial District, Yaba, Lagos, and was scheduled for the commencement of witness’ testimony.

Counsel to Euracare Multi-Specialist Hospital, Professor Taiwo Osipitan (SAN), told the court that the hospital had initiated judicial review proceedings challenging, among other issues, the jurisdiction of the Coroner’s Court to conduct the inquest in the absence of the deceased’s body.

He disclosed that the High Court had granted leave for the judicial review application and ordered that the leave operate as a stay of proceedings pending the determination of the suit.

The senior advocate also informed the court that although the Lagos State Attorney-General’s Office denied seeing the originating processes from the High Court, proof of service was available.

Responding on behalf of the family, Mr Kemi Pinheiro (SAN) confirmed receipt of both the originating processes and the High Court order.

While acknowledging the obligation of all parties to comply with court orders, he informed the coroner that the family had already filed four witness statements on oath, including that of Dr Ivara Esege, as well as statements from independent medical experts from Nigeria and the United States, who are expected to testify at the inquest.

Mr Pinheiro urged the court not to adjourn the matter indefinitely, but to a definite date after the court vacation to enable parties to report on developments in the High Court proceedings.

He also highlighted the need for transparency and public confidence in the fact-finding process, saying, “He who is innocent does not fear an open inquest.”

Counsel representing Atlantis Paediatric Hospital supported the request for a definite adjournment rather than an indefinite postponement.

Following submissions by counsel, the Coroner adjourned the matter until October 8, 2026, for a report on the status of the High Court proceedings.

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