Boardroom infighting rages at HealthPlus
HealthPlus, a pharmaceutical retail firm, is having its operations distorted over the infighting in the boardroom between its founder, Bukky George and the private equity majority investors, Alta Semper.
In April 2018, London-based private equity manager, Alta Semper Capital invested $18 million into HealthPlus through HealthPlus Africa Holdings Ltd, a vehicle incorporated in Mauritius.
Alta Semper is a private equity manager founded by Ronald Lauder (Chairman of Clinique Laboratories, a subsidiary of the Estée Lauder Company), Richard Parsons (Chairman of Rockefeller Foundation), and Afsane Jetha.
HealthPlus was at 80 locations in Nigeria then and has expanded to 90 branches. While the holding has
94,998 shares, Bukky George owns 5,002 shares representing 94.9 per cent and 5.1 per cent ownership respectively.
The dispute in the boardroom became public after the firm announced Chidi Okoro as the Chief Transformation Officer, saying “Okoro’s mission is to optimize day-to-day management, and elevate the business to novel scale and profitability,” effectively removing the founder, Mrs. Bukky George, as MD/ CEO.
Speaking, Afsane Jetha, a Director said: “The majority of the Board of Directors determined that a change of leadership was required if HealthPlus was to achieve its strategic goals, and the former CEO’s appointment was terminated in accordance with its terms.”
He also said the decision to remove Mrs. Bukky George “was made in full compliance with Nigerian laws, and follows a long and drawn-out process of engagement.”
He also claimed that despite George not achieving the target they set for her, they had sought to provide financial support for HealthPlus through ‘growth capital.’
But George in a statement countered this, insisting she remained the helmsman. She alleged that Health Plus ran into “troubled waters primarily,” because Alta Semper failed to take over the company, thus starving it of funds required to operate.
She mentions that in May 2020, she instituted a legal action at the Federal High Court, seeking to stop HealthPlus African Holdings Limited. She affirmed that there is a restraining order against Alta Semper.
In a letter sighted by Daily Trust, A. Muoka & Co, the solicitors to the company, wrote to the directors in HealthPlus, and representatives of Alta Semper on the termination of the management agreement between Alta Semper and Bukky George.
They claimed only the Board of Directors are empowered to remove George as CEO. However, the board’s Chairman, Dr. Ayo Salami, and Mr. Deji Akinyanju, had resigned, and thus only two directors took the decision rather than five.
The solicitors said Alta Semper and Bukky George should appoint two directors each, and jointly agree on a Chairman for the company.
It was also gathered that the efforts by Okoro to assume office was resisted by the current management, with the George-led Management reporting Alta Semper directors to the police.
In a letter to the Assistant Inspector General of Police on September 25, HealthPlus said: “We are aware that there are unauthorized and illegal plans by certain persons to take over our company premises to steal sensitive company property and assets, and ultimately take over operations of the company.”