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The power tussle between HealthPlus and one of its investors, Alta Semper, has taken a turn for worse as the foreign investor tried to take over the bank accounts of HealthPlus. The move by Alta Semper to take over the bank accounts occurred days after the company tried to oust HealthPlus founder.
Alta Semper representatives reportedly arrived Nigeria following the faceoff that ensued after the Private Equity firm tried to replace HealthPlus founder, Bukky George, with Chidi Okoro as Chief Transformation Officer. After they arrived in Nigeria, the representatives approached the bank to take over the accounts of HealthPlus.
It was gathered that Alta Semper Capital’s representatives requested that the bank, where HealthPlus accounts are domiciled, change the signatories to HealthPlus accounts. However, the request was denied by the bank, according to a source in The Cable report.
Alta Semper representatives were said to have failed to secure approval from HealthPlus' board, “They have approached the banks to change signatories to the company accounts, but the banks have refused to cooperate with them because they do not have a board resolution and the approved minutes of the board meeting. The last board meeting held six months ago and the chairman recently resigned,” a source said.
READ ALSO: Hostile Takeover: Power Struggle Between HealthPlus Founder, UK Funder, Alta Semper
Both HealthPlus' Bukky George and Alta Semper had entered into equity-for-funds agreement which saw Alta Semper get majority of HealthPlus in 2018. The deal is meant to last for five years, after which Alta Semper will exist HealthPlus.
However, the deal hasn't gone smoothly, as George accused Alta Semper of failing to provide required funds. Both Alta Semper and George have been at each other's jugular for months over leadership of the operation of HealthPlus.
In a bid to hasten the replacement of George and appointment of okoro, Alta Semper Managing Director and Chief Executive Officer, Afsana Jetha, on September 26, 2020, wrote to the Pharmaceutical Council of Nigeria (PCN) to announce leadership change in HealthPlus with an outdated letterhead, and also cited a director that was no longer on the board of HealthPlus.
“The letterhead on which the letter was written, however, is one that is no longer in use and was produced when the company turned 20 in 2019. It also listed as a director, one Mr Deji Akinyanju, who has since resigned from the board,” sources said.
The announcement led to the appointment of Chidi Okoro, who came in as the Chief Transformation Officer. The appointment of Okoro is meant to result into the replacement of HealthPlus founder, Bukky George. Note that Alta Semper is backed by former US Ambassador to Austria, Ronald Lauder and chairman of Rockefeller Foundation and former chairman and CEO of Time Warner Group, Richard Parsons.
Before the appointment of Okoro, George had taken Alta Semper to court in Nigeria, to prevent the foreign investor from taking decisions that is against the interests of George and HealthPlus, such as removing George from her position. Alta Semper appealed for an out of court settlement, requesting for mediation.
It was gathered that Alta Semper stalled the mediation as it frustrated the process for about three months, before filing a case in UK arbitration - HealthPlus described the decision as a disrespect to Nigerian court. After instituting a case in UK, Alta Semper named Okoro as HealthPlus new head, but George countered Alta Semper announcement, stating that HealthPlus didn't appoint Okoro.
Note: AllNews Nigeria's effort to reach Alta Semper proved abortive, as the private equity firm didn't respond to enquiry sent via Email.
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