HealthPlus says that its founder and former CEO, Mrs. Bukky George, owns 48.9% of HealthPlus Africa Holdings and that she is the one Nigerian registered Pharmacist shareholder and director within the firm.
This was revealed in a press release by HealthPlus on Tuesday, in a bid to teach the general public on the squabbles occurring between it and Alta Semper Capital over the removing of George as CEO, and the appointment of Chidi Okoro as Chief Transformation Officer.
Nairametrics had reported final week that HealthPlus Restricted appointed Okoro as Chief Transformation Officer. In keeping with the assertion earlier launched by the corporate, Okoro’s mission is to optimize day-to-day administration and elevate the enterprise to novel scale and profitability, whereas the founding father of the Firm, George continues to be a director and a shareholder.
George nonetheless, issued a counter press launch, denying that she had been eliminated as MD/CEO. In keeping with her, the press launch was not licensed by the corporate and was due to this fact false.
Alta Semper, in a follow-up press launch, alleged that the choice to take away Mrs. Bukky George “was made in full compliance with Nigerian legal guidelines, and follows an extended and drawn-out strategy of engagement,” by means of which the Board sought to deal with a number of points regarding the best way the corporate was being managed.
Well being Plus additionally reported Alta Semper administrators to the police final week, as noticed in a doc seen by Nairametrics.
In right this moment’s assertion, HealthPlus mentioned that it had partnered with Alta Semper Capital LLC UK in 2018 to inject recent capital to develop the enterprise.
“The funding in HealthPlus was to allow the corporate to seize the pent up demand for prime quality but inexpensive medicines … increase the corporate’s footprint throughout Nigeria, set up a distribution centre, develop B2B channels and e-commerce.
“Alta Semper undertook to commit $18 million into HealthPlus while retaining Mrs. Bukky Geroge as CEO,” the assertion partly learn.
HealthPlus says that Mrs. George, on the time of the funding, transferred 95% possession of the enterprise to a brand new entity referred to as HealthPlus Africa Holdings Restricted, integrated in Mauritius, while retaining 5% fairness to her identify.
“HealthPlus Africa Holdings is owned by Mrs. Bukky George (46.2%) and Idi Holdings ( 53.8%), Idi Holdings is Alta Semper’s funding car”
“In essence, Mrs. Bukky George owns (immediately and not directly) 48.9% of HealthPlus and is the one Nigerian registered Pharmacist shareholder and director within the firm.”
HealthPlus additionally mentioned that Alta Semper’s preliminary $10 million funding achieved a number of initiatives in its marketing strategy.
“Nonetheless, it quickly appeared that they (Alta Semper) had been unable to provide you with the stability of the fairness funding.”
It argued that in Might 2020, after 15 months of delayed funding, unmet expectations and dwindling stock, “Mrs Bukky George instituted authorized motion on the Lagos Division of the Federal excessive Court docket [in suit No: FHC/L/CS/609/2020] searching for reduction aimed toward stopping Alta Semper from operating and managing the corporate.”
HealthPlus says after Alta Semper was served the court docket course of, they didn’t file any protection however appealed for dispute mediation.
It was added within the assertion that the mediation was truncated after 3 conferences inside a interval of three months, “Their intransigence pissed off Mrs. George’s different nominee for director and Chairman into resigning from the board”
HealthPlus’ assertion cited that the board, now with simply 3 administrators, had not met in six months and that the final time Mrs. George heard from Alta Semper was once they wrote final week stating her termination as CEO, “which in actual fact they’d no authority or energy to take action.”
HealthPlus says Mrs. Bukky George stays the founder and CEO, and continues to run the corporate.