Health
How HealthPlus Founder Was Lured to Transfer 51.1% Stake to PE Investors
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.
By Modupe Gbadeyanka
Dr Obi Adigwe has been appointed as the pioneer National Coordinator of the National Health Technology and Data Analytics Office (NHTDAO).
The body was created by the Ministry of Health under the approval of President Bola Tinubu.
NHTDAO will be domiciled in the Office of the Coordinating Minister of Health and Social Welfare, a statement on Friday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, stated.
The agency will serve as a meta-level national platform for coordinating the country’s digital-health agenda. It will reinforce, not replace, the existing statutory functions of relevant departments and agencies, it was emphasised.
The organisation will also harmonise and empower the public and private institutions across the health system, set the standards that connect them, and operationalise the National Digital Health Architecture, approved by the National Council on Health in November 2025.
It was stated that President Tinubu expects NHTDAO to accelerate Nigeria’s transition to a secure, interoperable and data-driven health system that improves outcomes for all citizens.
Mr Adigwe, as Director General of the National Institute for Pharmaceutical Research and Development, has leveraged science to catalyse interventions in artificial intelligence, translational research, and technology transfer.
He coordinated major projects, including the ¥300m Nanotechnology grant and the AFREXIMBank grant for Africa’s first API Training Facility. He led the roadmap development that underpinned an €18 million EU grant, the largest in Africa for the thematic area. During the last pandemic, Adigwe globally showcased African science by undertaking the world’s first analysis to debunk claims about the Covid Organics preparation.
The Office’s Steering Committee, which provides strategic direction and oversight, comprises:
- Professor Muhammad Ali Pate, Coordinating Minister of Health and Social Welfare (Co-chair)
- Mr Olaniyi Yusuf, Chairman of the Nigerian Economic Summit Group (Co-chair)
- Dr Iziaq Adekunle Salako, Minister of State for Health and Social Welfare (Alternate Co-chair)
- Ms Kachollom Daju, Permanent Secretary, Federal Ministry of Health and Social Welfare
- Mr Idris Alubankudi Saliu, Special Adviser to the President on Technology and Digital Economy
- Dr Muntaqa Umar-Sadiq, National Coordinator, SWAp Coordination Office
- Dr Abdu Mukhtar, National Coordinator, Presidential Initiative to Unlock Healthcare Value Chain
- Dr Muyi Aina, Executive Director, National Primary Health Care Development Agency
- Dr Kelechi Ohiri, Director General, National Health Insurance Authority
- Director, Health Planning, Research and Statistics, Ministry of Health and Social Welfare
- National Information Technology Development Agency Representative
- Six representatives of the State Commissioners of Health, one from each of the six geopolitical zones
- Pharm Hamza Buhari, Stakeholder representing Industry and Community.
By Modupe Gbadeyanka
The Lagos State government has kicked off an initiative to ensure that every newborn is screened for Sickle Cell Disease within 48 to 72 hours after birth using a simple heel-prick test.
It was gathered that babies identified as being at risk will immediately be placed on preventive care while awaiting confirmatory testing.
The Head of the Haematology Department at the Alimosho General Hospital, Dr Olubukola Orolu, revealed that an estimated 150,000 babies are born annually with Sickle Cell Disease in Nigeria, giving the country one of the highest SCD burdens globally.
She, however, applauded the Lagos State Government and the Clinton Health Access Initiative (CHAI) for introducing the state-wide newborn screening programme, describing it as a major step towards reducing childhood deaths associated with the disease.
The commencement of this scheme coincides with the 2026 World Sickle Cell Day, themed Young Voices Rising for Sickle Cell Disease – Closing the Survival Gap: Equity in Sickle Cell Disease.
It highlights the importance of listening to the experiences and aspirations of young people living with Sickle Cell Disease.
Mrs Orolu noted that SCD warriors are increasingly breaking barriers as advocates, leaders, students and change-makers, adding that their voices have continued to reshape the narrative through advocacy for equitable, patient-centred healthcare, self-care and experience sharing.
She, therefore, called for equal access to quality healthcare, survival opportunities and dignity for everyone living with Sickle Cell Disease.
Also commenting, the chief executive of Alimosho General Hospital, Dr Akinyele Akinlade, described Sickle Cell Disease as an inherited blood disorder that is not contagious, noting that individuals living with the condition are more susceptible to infections.
He advised SCD warriors to stay well hydrated, avoid stress, and protect themselves from extreme cold or heat, as these are common triggers of sickle cell crises, adding that these preventive measures can significantly reduce the frequency and severity of crises.
One of the participants, Ms Borokini Zainab, an SCD warrior and student nurse, expressed appreciation to the organisers for the enlightenment programme.
Sharing her personal journey, she spoke about the challenges of balancing recurrent pain crises with her academic pursuits and personal life. Despite moments of frustration, she encouraged fellow warriors not to lose hope.
“Don’t let sickle cell put you down. Be encouraged from within. Don’t let your dreams be shattered because of this,” she said, adding that her personal experience with Sickle Cell Disease inspired her to pursue a career in nursing so she could support others living with the condition.
By Aduragbemi Omiyale
A 12-week health-tech incubation programme tailored for early-stage founders in Nigeria has been introduced by an innovation and venture-building platform, Evon Labs.
This initiative, known as HealthX Catalyst, will help participants to create scalable, investable solutions for Africa’s urgent healthcare issues.
The programme is underway, with 12 selected founders nearing the final weeks of intensive incubation, ending with a Demo Day on June 24, 2026, at the UNDP innovation centre in Lagos, where the small business owners will present their solutions to an audience of investors, healthcare leaders, development organisations, and technology partners.
The initiative selects early-stage healthcare founders and immerses them in a structured 12-week development process. Throughout this period, participants receive personalised and group mentorship from seasoned professionals across the healthcare, technology, and business sectors.
They also receive structured support for startup development, including refining business models, developing value propositions, and validating markets.
Additionally, participants gain access to a network of healthcare practitioners, sector experts, and industry leaders, along with targeted investment-readiness assistance to prepare them to engage with investors and strategic partners after the programme.
The result is a cohort of founders who move through the programme not simply with a refined pitch, but with a validated business model, a stronger professional network, and a clear pathway to growth.
To accelerate the most promising solutions beyond the programme, monetary grants will be awarded to the top three founders to support product development, pilot implementation, market validation, and early-stage scaling.
It was learned that HealthX Catalyst was developed in response to a structural gap in the African health-tech ecosystem.
Across the continent, a growing number of entrepreneurs are building solutions to healthcare problems from access and diagnostics to service delivery and health data infrastructure. Yet many of these early-stage ideas fail to progress beyond concept, not for lack of vision, but for lack of structured support: mentorship, startup development frameworks, industry access, and early-stage funding pathways. HealthX Catalyst was built to provide exactly that.
“Africa does not have a shortage of healthcare innovators. What it has lacked is the infrastructure to turn its ideas into sustainable businesses. HealthX Catalyst is that infrastructure, a serious, structured programme designed to take founders from early-stage ideas to investable startups.
“What we are seeing from this first cohort is exactly what we set out to create: founders who are not just building products, but building businesses that can scale and create lasting impact,” the founder of Evon Labs, Ms Isioma Udeozo, said of the unveiling of HealthX Catalyst.
The partners of the programme are the United Nations Development Programme (UNDP), Odua Investment Company Limited (OICL), Washington University of St Louis, Missouri, Lagos State Employment Trust Fund (LSETF), and Brooks Insights.
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