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31 March 2022



TEMPLARS has advised Verod Capital Management Limited, a leading West-African Private Equity firm, in connection with its acquisition of a significant minority equity stake in Medplus Limited (Medplus).

Medplus is the largest pharmaceutical retail business in Nigeria and has the distinction of being the pioneer in the Nigerian pharmaceutical retail sector. Over a 30-year period, the Medplus Founder/CEO, Mrs. Joke Bakare, and her management team have kept in step with growing consumer needs and successfully grown the company’s operations across multiple product lines from essential drugs to wellness and beauty products. Today, Medplus operates over 79 stores across the country as well as an active e-commerce platform.

The healthcare sector has faced multiple challenges in the last few years, and this transaction comes at a time when the Nigerian pharmaceutical industry is gearing up for much-needed growth. With a proven track-record for developing portfolio companies, Verod Capital, (one of the truly indigenous PE firms in West Africa) has, through this investment, demonstrated its commitment to driving economic development across the region and specifically, deepen access and affordability in the healthcare sector.

The TEMPLARS team that advised on the documentation and negotiation of the transaction, as well as Competition Law matters, was led by Partner Zelda Akindele, with support from Associates Anwuri Akolokwu, Osahon Omoruyi and Victoria Anuri.