News
Alta Semper Suffers another Blow as Court Rules on Contempt against PE Firm

Justice Oluremi Oguntoyinbo sitting at a Federal High Court in Lagos on Thursday ruled that the court will proceed with contempt proceedings against Alta Semper Capital, Chidi Okoro and their other local collaborators in the dispute between Bukola George, founder and chief executive officer, and Alta Semper, and other shareholder of HealthPlus Limited, a leading retail pharmaceutical company in Nigeria.

HealthPlus has been embroiled in a crisis since Alta Semper, a UK private equity firm, breached its agreement to invest $18 million in HealthPlus in two tranches.
The PE firm invested the first tranche of about $9.5 million in March 2018 and was to complete the deal 12 months later.
Unfortunately, Alta Semper ran into troubled waters.
Its original source of funds was expensive and the firm has been unable to secure cheaper funds.
It therefore has not been able to come up with the second tranche 24 months later, causing dire consequences for the company and its shareholders.
A PE executive in the UK stated: “The Alta Semper story is common knowledge in the PE circles in the UK.
“They clearly have problems raising money.
“Their original fund raised through two family offices was very expensive.
“They are struggling to find new money at lower cost.
“Seemingly, HealthPlus is one of their prime assets, especially with the COVID situation.
“There is a lot of pressure for Alta Semper to increase their stake and look for an exit or IPO.
“So that’s probably why they are behaving how they are.
“There is a little bit of desperation and opportunism.”
Alta Semper also breached the conditions upon which the Pharmacists Council of Nigeria, the regulator of the retail pharmacy chain, issued a “No Objection” letter/waiver, which facilitated the investment.
This led to the withdrawal of the waiver recently.
Again, Alta Semper Capital attempts to take over HealthPlus head office
A second blow in two weeks.
The implication is that the bottom has been knocked off the deal.
Reacting to the ruling, a senior colleague of the founder and CEO stated: “The recent developments leave Alta Semper with only one option – to come to the round table, negotiate its exit and allow the legit management team rebuild and restore HealthPlus to its former glory and more.
“At inception, Alta Semper bought into a growth strategy only to make a u-turn, forcibly shrinking the company into a shadow of its old self.
“The partnership has been nothing short of a nightmare.
“While Nigeria is desirous of foreign investments, our doors are open to investors who are genuinely committed to supporting local entrepreneurs achieve their aspirations.
“Our doors are not open to investors who renege on agreements, only to use armed security officials and other extra legal means to perpetuate a hostile takeover of the company’s operations.
“The rule of law is alive and well in Nigeria.
“We are not a banana republic!”
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
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