Business

HealthPlus Crisis: Leo Stan Ekeh, Serial Entrepreneur Denies Involvement

Published

2 years ago

24 November 2020

Mr Leo Stan Ekeh, Zinox Chairman

The Senior Special Assistant (SSA) to the Zinox Chairman, Leo Stan Ekeh has cleared the air on the controversy surrounding the troubled Nigerian healthcare firm, HealthPlus and the alleged involvement of Mr Ekeh, in the company’s crisis with its investors, Alta Semper, a private equity firm.

The clarification was made public in a detailed statement signed by Barrister Reginald Obiakor, Mr Ekeh’s SSA on Legal Affairs.

Specifically, Ekeh, who disclosed that Mrs Bukky George, the embattled CEO of HealthPlus, had first reached out to him to mentor her on the 31st of March 2020, revealed that his only offence was advising her to settle her misunderstanding with her investors in order to save her business and to avoid damaging the growing investor confidence in Nigerian startups and nothing more.

‘‘Mr Ekeh feels extremely sad that he has to publicly explain his business relationship with Mrs Bukky George, founder and CEO of HealthPlus and her investors – Alta Semper. She is a respectably married woman, a mother and a sound entrepreneur. But it is critical that we set the records straight for the benefit of posterity. For the records, Mrs George had first contacted Mr Ekeh via a text message at 4.13 am on the 31st of March 2020, introducing herself and requesting a time to call him.

‘‘He replied her at 8:45 am and asked her to call at 10 am. She called and they spoke. She told him how she has followed his very successful digital entrepreneurial story for years and would like him to mentor her. She also requested that he assists her finance her importation of Personal Protective Equipment (PPE) with well over $1m and that she could share the profit with him 50/50. But Mr Ekeh wanted to know a little more about her business before committing funds and she spent about 30 minutes, telling him her life history.

‘‘Impressed by her narration, he had told her she was a miracle child and that God has destined her for greatness. Indeed, Mr Ekeh was excited to assist her to make some funds available to support her business. The Zinox Chairman is well aware of the challenges faced by women entrepreneurs in Africa, how they are marginalized by the system. His mother, wife and two daughters are all entrepreneurs, though successful, he feels their pain.

‘‘Mrs George passed across her Chinese contact and Mr Ekeh forwarded it to his consultant in China. The consultant came back a few hours later to inform that the company Mrs George was looking to do business with was into agricultural trading and was not worth more than $250,000. Over the next two days, Mr Ekeh had spent over three hours, speaking to various contacts in Nigeria and the US on her behalf. In the end, he had discovered no PPEs existed. It would have been a disaster. However, owing to the due diligence he carried out, Mrs George did not lose any money and she thanked him for investigating it.

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‘‘A few days later, Mrs George requested a loan of N2bn to support her business in meeting growing demands during the severe months of the COVID-19 pandemic and promised to pay back. She claimed God sent her to Mr Ekeh after she failed to secure assistance from some well-known Nigerian Yoruba billionaires (whose names we have decided not to mention at this point). At this stage, he had asked for the configuration of her investors because you cannot extend a loan to a corporate body without a Board resolution. It was at this point that she mentioned her PE investors – Alta Semper and the issues she was having with them.

‘‘The Executive Management of Alta Semper are well known to Mr Ekeh because they wanted a partnership with Konga after the company announced the launch of Konga Health in June last year. They wanted to plug into Konga’s advanced technology infrastructure, regional warehouse network, digital logistics and CBN-licensed payment system.

‘‘In fact, her investors are at home in Mr Ekeh’s UK home and he was comfortable with the integrity and quality of the funders of Alta Semper; even as he noted that they had huge resources to fund HealthPlus without relying on bank loans. Consequently, Mr Ekeh had told Mrs George it would be difficult for him to extend or guarantee a facility to her, owing to the issues she was having with her investors as he needed to secure his investment. He assured her that her investors as majority shareholders have all resources she needed to turn around the company and he knew them very well but thought their investment was in MedPlus Ltd.

‘‘Immediately after that call, Mr Ekeh had put a call through to the CEO of Alta Semper to ask why they were not funding HealthPlus. The CEO had poured out their frustrations with Mrs George, stating that even to secure a meeting, she wouldn’t pick or return their calls and expressed how disappointed they were at the development. She assured Mr Ekeh that they were willing to invest more money in the business, only if Mrs George would respect the terms of their engagement, and that they needed more comfort with respect to corporate governance issues, etc. Further, she pleaded with Mr Ekeh to help intervene since Mrs George seemed to be close to him and respects him a lot.

‘‘After extracting this commitment from them and speaking with their big boss in Manhattan who is globally known, Mr Ekeh had spent over a month unsuccessfully trying to convince Mrs George on why she should find a middle ground with her investors in order to save her business as they were majority shareholders. He had also advised that the current impasse with them has the potential of damaging investor confidence in other Nigerian startups.

Embattled HealthPlus CEO, Bukky George

‘‘However, Mrs George had remained adamant and insisted that she was heading to court.

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‘‘Mr Ekeh had reminded her that no sensible person who wanted her progress would advise her to fight with her majority investors at the peak of her fortunes. To further make her see reason, Mr Ekeh had invited Mrs George to his office in Victoria Island on August 26, 2020, after her family’s COVID-19 challenge. She arrived alone at 11:41 am. It is important to state, at this juncture, that this was the first true physical meeting between Mr Ekeh and Mrs George. Again, his impression of her at this point was of a brilliant entrepreneur with a lot of positive energy.

‘‘Mr Ekeh had spent the next three hours, in the company of his wife, Mrs Chioma Ekeh, pleading with Mrs George to see a reason not to embark on a messy suit with her investors and the need to find an amicable solution that works for both parties. Mr Ekeh had specifically told her that entrepreneurs in Nigeria are disadvantaged and reeled out a lot of examples to back up his claims in the course of pleading with her. Ekeh had told her that the consequences of a fight with her investors would have a number of detrimental effects on her business including potential withdrawal of suppliers, pressure from bankers to recover any existing facilities and stoppage of future loans as well as the loss of trust from the global investor community on her brand and person.”

Furthermore, he had assured her that God, who had brought her thus far in business, would not desert her, urging her to apply common sense.

In the words of Mr Ekeh: ‘‘I promised to help her to the best of my ability for her to succeed. I confided in her that Alta Semper had earlier shown an interest in investing in Konga and would like to take advantage of its huge resources to scale at a very low entry cost across Africa and that because of this, I had also considered investing a little sum in their African vehicle. Alta Semper has huge investments in Kenya, Morocco and Egypt and I had advised them to add Ghana because of my interest.

‘‘As her mentor and as a mark of respect, I told Mrs George that I had asked the management of Konga to suspend further discussions with Alta Semper until they resolved their differences with Mrs George and HealthPlus. I even went as far as promising some incentives to HealthPlus, all in a bid to discourage her from fighting.’’

‘‘Mr Ekeh had ended the meeting by urging Mrs George to see the huge opportunities for her, the business and her family. He had further asked her to pray over the matter and get back to him on her decision. Two days after, she had written Mr Ekeh to state that she was going ahead with her course of action against her investors.

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‘‘Thereafter, Mr Ekeh had acknowledged her response, even as he further implored her to reconsider her decision for the sake of her business. This was where Mr Ekeh had left the subject until our attention was drawn to the initial allegations from Mrs George that Mr Ekeh was involved in a planned takeover of her business. We had first dismissed this, only to learn that she had written a private letter to former President Olusegun Obasanjo – (a man who, as President, honoured Mr Ekeh as an Icon of Hope and pride to modern Nigeria on Nigeria’s Independence Anniversary on October, 1st, 2001) – which she had proceeded to circulate to the press before the former President even saw the letter.

‘‘It is also important to respond to the allegations that Mr Ekeh had appointed a certain Chidi Okoro to take over HealthPlus. Mr Okoro, whom Mrs George refers to, is a first-class business leader who is well known in the FMCG and Pharmaceutical sectors to Mr Ekeh for years. He is a brilliant Nigerian who has managed successful multinationals across Africa. Mr Ekeh had first referred Mr Okoro to a global Health Foundation who were looking for a proven hand for a research consultancy in Africa. The Foundation was keen to appoint a Kenyan before they took Mr Ekeh’s advice and appointed Mr Okoro for the role. A month later, they had called Mr Ekeh, expressing satisfaction with the choice of Mr Okoro and effusively appreciating Mr Ekeh for the referral. To set the records straight, Mr Ekeh was not informed or consulted when Alta Semper engaged him on a six months’ consultancy to turn around HealthPlus. He had only heard of it from reports in the media, contrary to the claims by Mrs George. Mr Ekeh is certain Mr Okoro, at his level, will not accept the CEO position of HealthPlus, after leading bigger multinationals.

‘‘In closing, Mr Ekeh feels highly embarrassed by some of the potentially libellous allegations made by Mrs George and believes that she has been very unfair to someone who had only meant well for her. He expressly authorizes her to publish for public consumption all emails and WhatsApp communication they had both exchanged. Also, he pleads with friends and associates to allow Mrs George the respect and privacy she deserves as he has learned another lesson in his entrepreneurship pursuit. He also advises startups or those looking for investors to respect agreements entered into for global investors to have faith in the Nigerian economy.’’

Related Topics:#Alta Semper #Bukky George #HealthPlus #Involvement Entrepreneur Leo Stan Ekeh Zinox

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Business

MTN’s Funso Aina Wins SABRE IN2 ‘Innovator Of The Year’ Award

Published

2 days ago

27 March 2023

Our REPORTER

From L-R: Founder and Chair, PRovoke Media, Paul Holmes, presenting the 2023 SABRE Award for African Innovator of the Year (Brand) to Senior Manager, External Relations, MTN Nigeria, Funso Aina at the PRovoke EMEA Summit at Gesellschaftshaus Palmengarten, in Frankfurt, Germany on March 23, 2023.

Funso Aina, MTN Nigeria’s Senior Manager, External Relations, and one of Africa’s most decorated media and public relations professionals, has been announced ‘Innovator of the Year’ in the brands’ category at the highly respected SABRE IN2 awards.

Awarded since 2013, the SABRE IN2 awards recognise excellent work that highlights the expanding scope of the PR profession, from content creation to the evaluation process using data and analytics to inform, enhance and evaluate campaign successes across the globe.

Aina’s recognition was announced by Provoke Media on February 15, 2023.

The award was presented at the PRovoke EMEA Summit in Gesellschaftshaus Palmengarten Frankfurt, Germany on Thursday, March 23, 2023.

CEO & Editor-in-chief, PRovoke Media, Arun Sudhaman said, “The media and communications industry is in the age of convergence, with every discipline demonstrating decent impressions to be most valuable to organisations and agencies.

The innovation SABRE awards recognise groundbreaking campaigns- having factual data analysis and implemented with the use of technology for evaluation by industry leaders. The award category spotlights professionals in agencies and brands that empower and enable reputation excellence within their organisations.”

This innovation award is a testament to Funso’s trailblazing efforts in media relations, through MTN Nigeria’s Media Innovation Programme (MIP): a six-month certificate programme for Nigerian media practitioners to increase the knowledge and skill base of the participants, help them understand the changing media landscape and how to effectively use technology to create impactful media content in the country and Africa at large.

During the study, 20 media practitioners from various media sectors engaged in capacity-building sessions to stir up their innovations and improve ways of practice to create sustainability in the industry.

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This was apparent in their study trip to the University of Witwatersrand, South Africa, where the participants engaged in interactive sessions on creativity and innovation, explored opportunities in the media business and brainstormed on solutions to some of the challenges to successfully running media businesses in Africa.

Funso, a member of the Nigerian Institute of Public Relations (NIPR), and a corporate communication professional with over two decades of experience emerged top across Europe, the Middle East and the African region (EMEA). He was named ‘Most Influential Public relations professional in Nigeria’ by the industry regulator, NIPR in 2022.

Aina says: “I am grateful for the recognition from SABRE and its dedication to acknowledging exceptional content produced by modern PR professionals. This award is inspiring for all of us at MTN; it emboldens our commitment to improving the media landscape and implementing our ‘Good Together’ initiative. I am convinced we still have feats to achieve in the industry, and with strategic thinking, we will cover even more grounds.”

Funso Aina has close to three decades of work experience in journalism, cultural diplomacy and telecommunications. He has various competencies and hands-on experience in public relations, corporate communications, media relations, public affairs and reputation and crisis management. He is a Fellow of the prestigious US State Department’s International Visitors Programme (IVP) and the British Commonwealth Press Union (CPU).

Before joining MTN Nigeria in 2009, he was Communications Manager of the British Council, Chief Correspondent at Punch newspapers, Assistant Editor with The Nation newspapers and Senior Reporter with Independent Communications Network Limited (ICNL), publishers of The News, Tempo magazines and PM newspapers.

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He holds a Bachelor of Arts degree in History (University of Ilorin, 1992) and a Master’s degree in International Relations (Obafemi Awolowo University, Ile-Ife, 1998).

BANKING

ICSFS Receives Information Security Management System ISO/IEC 27001 Certification

Published

2 days ago

27 March 2023

DigitalTimesNG

ICS Financial Systems Ltd, (ICSFS), the global software and services provider for banks and financial institutions, was awarded the Information Security Management System (ISMS) ISO/IEC 27001 Standard Certification for the Data Centre, IT Department, and ICS BANKS Banking Software Solution Services in February of 2023, recognizing the company’s adherence to the highest standards of information security.

ISO/IEC 27001 is the world’s best known Internationally respected independent information security management standard, focused on providing highly effective and integrated frameworks for the standardization of information security protocols and setting systematic, rigorous, and improved information security policies.

Digital Times Nigeria understands that the Compliance audit covered several areas including data centre security, information security policies, procedures, and controls, as well as Information Security Management Standards, subjecting the protocols and processes carried out by the Data Centre, IT departments, and ICS BANKS integrated solutions and digital platform services to thorough examination and refinement, placing best practice procedures, as well as enhancing the resilience and responsiveness of potential security events.

Ghassan Sarsak, CIO, ICS Financial Systems Ltd said, “Achieving ISO/IEC 27001 demonstrates ICSFS’s commitment to building and delivering secure products and solutions by adopting internationally recognized security standards and best practices throughout the software development lifecycle (SDLC) to address risk and meet compliance and regulatory requirements.

“The phenomenon of the current global digitalization of most banks’ financial services and the collaboration with emerging fintech players make it essential to adopt the best security standards and to constantly maintain vigilant security monitoring to detect and respond to security events.

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“Becoming ISO/IEC 27001 certified is a significant step forward in our capacity to continuously assess the cybersecurity challenges for banks and financial institutions and how vital compliance is to our clients and their businesses.”

Wael Malkawi, Executive Director, ICS Financial Systems Ltd stated: “As a prominent provider of Banking, Financial, and digital platform solutions; cybersecurity is the bedrock of our credibility and solid reputation. The achievement of the ISO/IEC 27001 certification represents a significant milestone for ICSFS and reinforces the company’s commitment to delivering world-class banking software solutions.

“This certification is a testament to our continued commitment to providing secure and reliable banking software solutions for our clients, giving them the confidence to focus on their core business operations, particularly in this disruptive digital era.”

Dr. Samir Abu Tahoun, Co-Founder & CEO of Security Management Technology Group (SMT) noted: “We would like to congratulate ICSFS for successfully completing all the standard requirements and obtaining the ISO 27001 certification for their Information Security Management System (ISMS).

“SMT Group team is grateful to be a part of the successful implementation of the ISO 27001 certification, this couldn’t be accomplished without the cooperation of all ICSFS team members and their management support.

“Businesses nowadays are under intense pressure to adequately protect the information entrusted to them in light of recent Cybersecurity incidents. The ISO 27001 certification confirms that a company has met the international standard for establishing, implementing, maintaining, and constantly improving ISMS.

“Delivering the highest standard of service to our clients is an integral part of our ethos and business operations. This certification is a testament to our commitment to this, and most importantly, to our colleagues and clients.

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“Once again, we would like to express our sincere gratitude and appreciation for all the effort given through this project, it was our pleasure working with your esteemed company, and we look forward to more successful collaboration.”

ICSFS invests in its software suites by utilising modern technology in launching new digital products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide.

ICS BANKS software suite future-proofs banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers’ journey experience, hence improving the trust and confidentiality between the customer and the bank.

The software has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.

DIGITAL CURRENCY

Hyperspace Technologies Unveils Keymaster VAULT

Keymaster VAULT is a Low-Cost, Near Field Communication (NFC) technology-Based Hardware Wallet for the African Market

Published

1 week ago

20 March 2023

Our REPORTER

Chidera Anyanebechi, General Manager, Hyperspace Technologies

Hyperspace Technologies, a Lagos-based Web3 startup specializing in next-level smart security infrastructure and key management systems, Monday announced the launch of its groundbreaking product, the Keymaster VAULT.

Designed to cater to the African market, Keymaster VAULT is a secure, NFC-based hardware wallet that stores private keys offline, offering an affordable and user-friendly alternative to expensive and complicated traditional hardware wallets.

Leveraging the simplicity of Near Field Communication (NFC) technology, the Keymaster VAULT allows users to securely access their digital assets by merely tapping their NFC-enabled devices.

Digital Times Nigeria understands that this eliminates complex installation processes, making the wallet an ideal choice for both cryptocurrency novices and experienced users.

With offline storage of private keys, the wallet significantly reduces the risk of hacks and malware attacks associated with online storage.

Chidera Anyanebechi, General Manager of Hyperspace Technologies said, “We wanted to create a wallet that combines the highest level of security with ease of use, making cryptocurrency storage accessible to a broader audience in Africa.”

“The Keymaster VAULT not only provides an affordable solution but also offers enterprise clients the ability to leverage blockchain-based identity and access management, which we believe will be a game-changer in the industry,” Anyanebechi explained.

The Keymaster VAULT’s advanced encryption technology ensures the utmost security for users’ digital assets.

Its compact design and portability make it a convenient choice for individuals and businesses looking to store their digital assets securely without breaking the bank or dealing with complicated setups.

“The African market has long been underserved when it comes to secure and affordable hardware wallet solutions,” added Anyanebechi.

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“We are excited to bring the Keymaster VAULT to our customers and empower them with a hardware wallet that not only protects their digital assets but also opens doors for innovative applications in blockchain-based identity and access management.”

The Keymaster VAULT is now available for purchase here, giving cryptocurrency enthusiasts and enterprise clients across Africa a secure, affordable, and user-friendly hardware wallet solution.