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Saturday September 26, 2020 / 04:23 PM / by Health Plus/ Header Image Credit: Health Plus
On Friday 25th September 2020, a Press Release
was purportedly released by Health Plus
Limited ('the Company' or 'HealthPlus') announcing the alleged appointment of Chidi Okoro 'on secondment as incoming
Chief Transformation Officer ("CTO")' of the Company, and that 'The founder of
the Company Mrs. Bukky George
continues to be a director and a shareholder''.
Related Link: Health
Plus Announces Leadership Changes, Appoints Chidi Okoro as CTO
We wish to inform the General Public, the Pharmacists Council of Nigeria, our Staff, loyal Customers, Vendors, Landlords, Bankers and all Stakeholders that the Press Release was NOT authorised by the Company or anybody acting on its behalf and that the announcement of the appointment of a CTO is wholly FALSE, wrongful and illegal and should be totally ignored. It is the handiwork of unscrupulous foreign and local businesswoman and businessmen intent on reaping where they have not sown simply because they now see opportunities from the COVID-19 Pandemic, like scavengers and vultures.
Thus the endeavour was to run into
troubled waters primarily on account of Alta
Semper's futile attempts to take-over the Company, leading to it
deliberately starving the Company of pledged funds as well as the intransigence
of Alta Semper's owners when reminded
of their obligations. This present unilateral unlawful attempt that purports to
remove Mrs. Bukky George as CEO and install their puppet appointee using the
cover-term 'Chief Transformation Officer' is the latest escalation of their bid
to subvert the laws of Nigeria and perpetuate the foreign domination of a
flagship of the Nigerian pharmaceutical industry. This unprincipled and
unethical behaviour, typical of PEF's who use local stooges to achieve their
nefarious ends will continue to be stoutly and vigorously resisted.
About Alta Semper
Capital LLP
Alta Semper, a private
equity manager investing flexible and strategic capital across select African
growth markets, announced in 2018 a partnership with Nigeria's leading retail
pharmacy chain HealthPlus. Under the terms of the agreement, Alta Semper invested
US$18mn into HealthPlus, which was to enable the company expand its retail
footprint and enhance its competitive position. Alta Semper specifically
invests into market-leading businesses in defensive sub-sectors within the
consumer and healthcare verticals.
The healthcare and
retail markets in Nigeria are characterised by growing demand, driven by
favourable demographics, increased consumer awareness and evolving consumption
patterns. Furthermore, Nigeria is home to one of the least penetrated formal retail
markets in the world, despite its large and growing population. The retail
pharmacy sector is highly fragmented, with many independent drug stores and
several patent medicine outlets. Furthermore, given structural challenges with
the industry supply chain, counterfeit pharmaceuticals find their way into over
forty percent of the retail market, while most wholesale and retail sales
across the country are still made through informal markets. Moreover, much of
the healthcare infrastructure is confined to major cities, with people living
in urban areas having approximately four times as much access to healthcare as
those living in rural areas.
The investment into
HealthPlus was to enable the Company capture the pent-up demand for
high-quality yet affordable healthcare and professional beauty supplies by
developing regional distribution centres in commercial hubs across Nigeria,
rapidly expanding the Company's footprint across Nigeria as well as developing
a wholesale channel and investing in private label and e-commerce.
Healthplus was Alta
Semper's first investment in Nigeria.
About HealthPlus Limited
HealthPlus was founded
in 1999 by Mrs. Olubukunola Adewunmi (Bukky) George, FPSN, a Nigeria and
UK-trained pharmacist with over 25 years of experience in the pharmaceutical
industry, who has organically grown the business into the leading pharmacy
chain and retailer of beauty supplies in West Africa.
The Company's quest is
to provide the Nigerian consumer with high-quality, life-saving and affordable
products and services. Furthermore, the Company aims to make a meaningful and
lasting impact by contributing its quota to the achievement of universal
healthcare coverage and to increasing life expectancy for all Nigerians.
The Company targets a
broad base of consumers through the provision of healthcare products such as
prescription and over-the-counter medicines, nutritional supplements, natural
remedies, home medical equipment, mobility aids and pharmacy services. The
Company employs over 700 people which includes 150 pharmacists, with at least
two pharmacists dispensing prescription medicines and providing counselling,
free health screenings and value-adding pharmacy services at each pharmacy. It
operates branches in strategically-located residential areas, shopping centres
and airports across 11 of the 36 states in Nigeria. HealthPlus has one of the
highest brand recognition and ratings of any consumer company in Nigeria.
The Company's dedication
and professionalism has been recognised with several excellence awards
including the ICERTIAS Best Buy Award for #1 Pharmacy in Best Price-Quality
Ratio 2017, the Nigerian Customer Service Award for Best in the Pharmaceutical
Category 2017 and the Nigeria Healthcare Excellence Award (NHEA) 2016, 2015,
2014.
The Deal Advisors in
2018
Related News to
HealthPlus and Alta Semper
1.
Health Plus
Announces Leadership Changes, Appoints Chidi Okoro as CTO - Proshare,
Sept 26, 2020
2.
2 years after receiving $18m
from Alta Semper Capital, HealthPlus is witnessing a power struggle - Tech Point, Sept 28, 2020
3.
Alta Semper Capital Commits
US$18mn to HealthPlus, West Africa's Leading Retail Pharmaceutical Chain - The African Private Equity and Venture Capital
Association, Mar 27, 2018
4.
Project Description - Alta
Semper Ilera Fund I Limited (IFC-42586) - Early Warning System, Sept 04, 2019
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