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

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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.

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

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!”


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REA, NBS Partner to Deliver Comprehensive Energy Data for Nigeria

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The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.

Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.

The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.

Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.

The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.

Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.

Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.


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SiBAN New Executive Council to Champion Vision for Nigeria’s Digital Economy

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The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), the nation’s foremost self-regulatory body for the blockchain industry, has completed its election cycle, heralding the beginning of a new executive council dedicated to scaling Nigeria’s digital economy.

The highly anticipated elections concluded recently with the emergence of a new leadership team poised to champion industry standards, foster innovation, and drive widespread adoption of blockchain technology across the country.

The newly elected executives, who will officially assume their roles in January 2026, represent a blend of legal, financial, and technical expertise critical for navigating the evolving regulatory landscape.

Leading the charge is Mela Claude-Ake, a lawyer, who has been elected the President of SiBAN to succeed the outgoing President, Obinna Iwuno, whose tenure was marked by significant achievements, including facilitating crucial reforms and forging strategic partnerships with regulators and other critical stakeholders in the digital asset industry. Mr. Iwuno will formally hand over the reins to the new council in January 2026.

Other elected to the executive council are Chimene Chinah – Vice President 1, in charge of Blockchain education and adoption; Oroke Cornelius – Vice President 2, in charge of membership, strategic partnerships, and funding; and Ayo Shonibare – Vice President 3, in charge of policy, regulation, and ethics.

Others are Ugochukwu Peters – Vice President 4 in charge of digital asset operations and capital markets, Mbene Vivian – Chief strategy officer in charge of projects and incubation, Olufunmilayo Tugbobo as Financial Secretary/Chief Financial Officer, and Chiemeka David Ohajionu as Chief Communications Officer.

The newly elected council’s structure reflects SiBAN’s commitment to addressing key pillars of the blockchain ecosystem: from grassroots education and fostering innovation through projects, to establishing robust regulatory frameworks.

In his acceptance speech, Mela Claude-Ake emphasized the vital role SiBAN plays in shaping the future of finance and technology in Nigeria.

“The trust placed in this new council is not one we take lightly. We inherit a great foundation built by the outgoing team. Our mission now is to accelerate. We stand at a critical juncture where the potential of blockchain to revolutionize every sector, from finance and governance to supply chain, is undeniable. This new council will focus relentlessly on advancing smart, collaborative regulation, democratizing blockchain education, and protecting the interests of all stakeholders to ensure that Nigeria remains a leader in the African digital economy space,” he assured.

He added that he is humbled by the opportunity to be the face of one of Nigeria’s youngest and most promising sectors — blockchain tech.

“As a tech enthusiast I am excited at the possibilities. The ecosystem needs careful nurturing by the government. My administration will be focused on building new bridges for the blockchain sector internationally and domestically, establishing trust with the public and unifying the sector. I enjoin all blockchain stakeholders in Nigeria, connected to Nigeria or of nigerian heritage to join hands together with my administration in building the industry of our dreams.”

The industry now looks forward to the handover ceremony in January 2026 and the initiatives the new SiBAN leadership will unveil to solidify the association’s role as a catalyst for innovation and a respected partner to the Nigerian government.


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APC National Chairman Appoints Mr. Abimbola Tooki as Special Adviser on Media

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The National Chairman of the All Progressives Congress (APC) has approved the appointment of Mr. Abimbola Tooki as Special Adviser on Media and Communication Strategy.

APC National Chairman Appoints Mr. Abimbola Tooki as Special Adviser on Media

Mr. Abimbola Tooki

The appointment reflects the Chairman’s confidence in Mr. Tooki’s vast experience, professional pedigree, and proven capacity to deploy strategic communication in strengthening party cohesion, public engagement, and effective message delivery at both national and international levels.

Mr. Tooki is a celebrated journalist, columnist, and media strategist with deep expertise in governance reporting, crisis communication, information management, and team leadership.

He is widely regarded for his ability to bring institutions closer to the people through the effective use of conventional and digital media platforms.

His career demonstrates a consistent track record of innovation, results-oriented leadership, and excellence in managing internal and external communications.

A versatile Information and Communications Technology (ICT) editor for many years, Mr. Tooki managed and developed influential ICT and business sections in leading newspapers, contributing significantly to public understanding of technology and economic issues.

He also pioneered major newsroom initiatives, including the establishment of specialised ICT publications, and is respected for his sharp analytical skills and solution-driven approach in fast-paced environments.

His professional journey spans several reputable media organisations, culminating in his role as Editor of BusinessWorld Newspaper, where he oversees editorial direction, production, administration, and corporate management.

He previously rose through the ranks at Financial Standard, earning rapid promotions due to exceptional performance, intellectual depth, and dedication to duty.

Mr. Tooki is also a familiar face and respected voice in broadcast media, serving over the years as a guest analyst on platforms such as Channels Television and other national stations, where he analyses major headlines, public policy, and issues of national importance.

Academically, he holds an MBA from Obafemi Awolowo University, a Postgraduate Diploma in Journalism from the Nigerian Institute of Journalism, and a Bachelor’s degree in Language Arts from the University of Ilorin.

In his new role, Mr. Tooki is expected to provide strategic direction for the Chairman’s media engagement, strengthen the APC’s communication architecture, manage reputation and messaging, and enhance the party’s interface with stakeholders, the press, and the Nigerian public.

The APC congratulates Mr. Abimbola Tooki on his appointment and wishes him success as he brings his wealth of experience, energy, and professionalism to bear in support of the Chairman and the party at large


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