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Lawyers Not Victims, Made Money From Pfizer in Nigeria

November 26, 2023 by AFR Business

Saturday, May 21, 2016
LAWYERS NOT VICTIMS, MADE MONEY FROM PFIZER IN NIGERIA

Lawyers, not victims, made money from Pfizer settlement Category: Society Published: Sunday, 16 January 2011 23:07

The awkward execution of the suits against Pfizer, driven by the inordinate desire to make easy money by the elites from the suffering of the impoverished victims of the 1996 Trovan clinical test in Kano, is the chief reason a deserving compensation continues to elude the test victims. Our investigations reveal that rather than make Pfizer accountable for deliberately inflicting Nigerian infants with death and permanent disabilities, Nigerian officials subjected themselves to the dictates of the pharmaceutical company with the hope of lining their pockets with money from Pfizer’s huge financial reserve. Government resentment In 2001, six years before the government formally accepted that Nigerian infants were used as guinea pigs by Pfizer by instituting civil and criminal suits against the multinational pharmaceutical company, the victims had already instituted an action against Pfizer and the federal government at a Kano State High Court. But no sooner had the action commenced than all sorts of intrigues started unfolding.  First, the federal government, through the Office of the Attorney General, contested the suit and asked that the matter be dismissed by the court. The government even proceeded to ask for cost against the victims. “I was demoralised as a Nigerian. Where lays our patriotism if your people are suffering since 1996 and the best the Nigerian government could do is to stand with a multinational company against her citizenry?” Said Kunle Ishola, of Omotimirin, Ishola & Associates, counsel to the victims. Soon after, the presiding judge, C.C. Nwaogwugwu, ruled that the suit should commence and be executed on behalf of all the victims. Shortly after, he was posted out of Kano State and subsequently compulsorily resigned from the bench. After this, the case was adjourned indefinitely and remained in the doldrums for another nine months until another judge, Adamu Hobon, assumed jurisdiction. Any hope that the victims and their counsel might have had as to getting redress for the ill meted out to them soon fizzled out as Mr. Hobon extricated himself from the case, citing personal reasons.  According to Mr. Ishola, sensing there was an underhanded ploy by unknown forces to frustrate the victims from getting justice, he filed a motion of discontinuance of the suit from the Federal High Court in Kano before commencing a fresh action against Pfizer in Connecticut, in the United States of America which is still ongoing. Ethical questions Following the $75 million negotiated settlement reached by the federal and Kano State government with Pfizer, counsels to the government have been accused of ethical malpractices and sheer profiteering from the suffering of the victims. Despite the fact that suffering victims were completely neglected and no provisions were made for their care, the government made outrageous claims of money spent taking care of the victims. In its original statement of claims, the federal government asked for some N104 million, money which it purportedly spent on the provision of health care and rehabilitation facilities for the affected children; N166 million in carrying out a public education exercise, and N217 million in training and remuneration. In a similar vein, the Kano State government had asked for $25 million spent for the treatment, compensation and support for the victims as well as $350 million used in providing support for the victims from 1996-2006. It is Mr. Ishola’s view that this was an indication that all along, government officials planned on enriching themselves from the victim’s plight. He also said that the government claims amounted to perjury. However, SimmonsCooper, counsel to the federal and Kano State governments, explained that the government’s claims are “based on legally accepted theories of evidence”. “They are extrapolations from budgetary spending which have been admissible in courts in other parts of the world,” the firm said. The criminal trial at the Kano State High Court also experienced a lot of irregularities. The trial judge had granted the government a warrant of arrest on officials of Pfizer who were directly linked to the clinical trial. However, instead of executing the arrest, it became characteristic of the Kano State Attorney General Aliyu Umar at every court hearing to plead for more time on behalf of Pfizer under the guise that talks were still ongoing with the pharmaceutical company. “It is unheard of anywhere for the prosecuting counsel to plead on behalf of the accused in a criminal case,” said Mr. Ishola. “It goes to show that the government wasn’t interested in securing justice for the victims as it would get a quick settlement with Pfizer. It is a conspiracy of the elite to fleece the victim,” said Mr. Ishola while describing the shoddy way the trial was handled. The government lawyers, SimmonsCooper, have been accussed of breaching professional ethics when they entered into negotiations on behalf of the victims in the absence of the victim’s counsel. “If you are a thoroughbred lawyer you should not act on behalf of another person’s client,” said Mr. Ishola. However, SimmonsCooper denied this. “Every step of the way during the case and discussion with Pfizer, we interfaced with and informed the lawyers representing some of the victims including receiving information from them in the United States about what they considered appropriate for the victims they represent,” the law firm said in correspondence with NEXT. They did, however, admit that counsel to the victims “were not in direct discussions in Kano’s settlement case”, saying that “it may be pre-emptive to carry on the same discussion with some of them”. Tunde Irukera, the ambulance chaser Tunde Irukera, who we learnt actually got the government brief for SimmonsCooper, lied when he told NEXT that he had never had any contact with the victims’ lawyers prior to 2007. According to Mr. Ishola, Tunde Irukera (then working as an attorney in the US) had reached out to him in 2001 at the early stages of the victims’ litigation with Pfizer requesting to be part of the plaintiff team. “He wrote to us in 2001 commending us for the good job we were doing. We became suspicious of his motives when he started talking about fee sharing and cost,” he said. Mr. Ishola claimed that from the outset, Mr. Irukera, whom he described as an ambulance chaser (a deregoratory term used to describe lawyers who specialise in finding victims in order to make money from their settlements), was not out to secure justice for the victims. Rather, he was out to enrich himself off the pains of the victims. SimmonsCooper completely refuted Mr. Ishola’s claims. The law firm claimed to have been aware of the victims’ suit while doing “extensive research and investigation upon our engagement in 2006.” “At no time did Babatunde Irukera ever reach out to Mr. Ishola, neither did he know or have any contact with him until June 2007 in court in Kano when they met for the first time”, said SimmonsCooper in response to our enquiry. But NEXT has been given copies of three email messages purportedly sent by Mr. Irukera to Mr. Ishola, suggesting that SimmonsCooper is not being truthful. The first email sent on Thursday, March 22, 2001 at 17:17:22 EST (Eastern Standard Time) was sent using the online email address, BIrukera, to Mr. Ishola. The email read in part: “I have reviewed most of the documentation publicly available, and I believe there is a cause of action against Pfizer. It is clear that there are violations that are inexcusable at law. The requirement for informed consent in clinical trials is sacrosanct and it appears that explains why they had 100% consent in the trial process. Also, the ethical question as to why a trial will be conducted in the middle of an epidemic is unanswered. … Please respond to discuss fee and cost sharing arrangements and of course, current litigation efforts and other strategies.” On Monday, 23 April, 2001, at exactly 09:28:39 EDT (eastern Daylight Time) via the same email address, Mr. Irukera also sent another email to Mr. Ishola. It read in part: “I read the material in the papers and I think you did a fantastic job of it. It is high time we brought some tort reform to Nigeria. Like I said previously, the action may preclude the US action but I have been conducting additional research and we may even bring the action so long as they both seek to achieve different objectives. …Like I said, I plan on being in Nigeria from the end of the first week in May for some days, so if you are inclined you can have an appointment set up to discuss this matter further. I already gave you my contact information but I do not have yours. Once again, congratulations and keep up the excellent work.” Then on Wednesday, October 10, 2001 at exactly 10:29:59 EDT, Mr. Ishola received the third email from Mr. Irukera. It read in part: “Compliments and how are you? I’m sorry we did not meet in May. I was around for a limited period of time and I made every effort. In any case, what is the deal with the action? I have not seen anything in the news recently as I have been following it. I would be interested to see how the action is turning out.” Kunle Omotimirin, of Omotimirin, Ishola & Associates, explained that when it became clear to Mr. Irukera that he could not penetrate their ranks, he approached the former AGF, Bayo Ojo, who gave him the government briefs. Mr. Omotimirin was of the view that Mr. Irukera knew that he lacked the clout to execute such a huge case, and he therefore, invited the former attorney general of Lagos State, Yemi Osinbajo, into the case. It was Mr. Osibanjo who then pulled Maryam Uwais into the team to form the government’s legal team. “He dragged them into the mud. He used big-name lawyers like Osinbajo and Uwais. He needed their expertise and stature to gain his aim.” Pfizer compensation: who got what? In 2009, when Pfizer and the Kano State government reached a negotiated settlement, the multinational company agreed to pay $75 million (N11.25 billion) in compensation. However, going by the sharing ratio, only a meagre proportion of that sum was earmarked for the victims. Of the $75 million, $10 million (N1.5 billion) was to be collected by government counsels, as legal fees for their services to the Kano State government. SimmonsCooper also earned an additional $5 million (N50 million) for their services to the federal government, paid by Pfizer. $30 million (N4.5 billion) was earmarked for the construction of hospitals in the Kano metropolis. Another $35 million (N5.25 billion) was earmarked for the 200 victims Pfizer claimed to have conducted the tests on. However, in compensating the victims, Pfizer as well the Kano State government deviously attached some conditions which victims are expected to meet before they are paid. They also came up with the idea of a graduated settlement for the victims. According to the arrangement, victims are to get between $10,000 and $175,000. The amount a victim would be paid is also subjected to the decision of a committee known as the Trovan Settlement Committee. The composition of the settlement committee is also a source of controversy as the victims were not represented in it. The Trovan Settlement Committee is a six-member committee made up of three Kano State appointees and three members appointed by Pfizer. “How can you be a judge in a case where you are the accused?” argued Mr. Ishola. According to him, this is a ploy by Pfizer to deprive the victims of proper compensation. The victims’ lawyers further said if the committee decides to pay each victim $10,000, Pfizer would be paying the 200 victims a paltry $2 million combined while government counsel would have earned $15 million for handling the case. “Their aim was to make money,” argued Mr. Ishola. “If their aim was not to make money, they would not collect money until the victims have been compensated.” SimmonsCooper, which said it was not represented in the committee, however, explained that what the Kano State government did was to try to alleviate the suffering of the people by earmarking some sum for them. “Since Kano’s case was not the victims’ case in court and the victims were not direct parties to the action, it was decided that it was impossible for Kano to release Pfizer from any liability to the victims or in any way compel unwilling victims (particularly those in court in New York) to draw from the funds set up by Pfizer.” Source: http://234next.com/csp/cms/sites/Next/Home/5663712-146/lawyers_not_victims_made_money_from.csp IN THE FOURTH PART OF OUR EXCLUSIVE INVESTIGATIONS INTO THE PFIZER TROVAN TRIALS CASE, WE EXAMINE HOW CONTROVERSIAL DNA TESTING IS DENYING VICTIMS THE RIGHT TO COMPENSATION

Seplat Energy Records N140.6bn Gross Profit In H1

November 24, 2023 by AFR Business

Seplat Energy Plc has released its unaudited results for the six months ended June 30, 2023, recording a rise in revenue by 3.8 per cent year-on-year (YoY) to N278.3 billion, from N219.2 billion in the same H1 period of 2022

The company also declared a second quarter (Q2) 2023 dividend of US 3 cents per share, in line with a higher core annual dividend of US 12 cents.

Seplat said it grew its 2023 H1 gross profit to N140.6 billion from N114.1 billion year-on-year. The Company, in its announcement, described the operating performance for the period as solid, given a 2 per cent increase in production, helped by reduced losses on its Western Asset, which is benefitting from the availability of the Amukpe-Escravos Pipeline and increased output from OML40.

Seplat Energy extended the Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU) to preserve the transaction, pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals; and will continue to work with all parties to achieve a successful outcome.

The full-year production guidance was retained at 45-55 kboepd whilst Capex guidance range at $160 – $190 million (previously $160 m) to support the Group’s objectives for the year.

Following the company’s previously announced Board succession plan (25 April 2023), it announced that Eleanor Adaralegbe, currently Vice-President Finance, has been appointed CFO-designate and will succeed Emeka Onwuka as CFO in 2024.

Seplat’s financial highlights indicated that revenues went up 3.8 per cent to $547 million (including over-lift of $ 59.4 million), on improved production, offset by the lower oil price. It also recorded cash generation of $259.1 million, funding capex of $88.8 million and improved shareholder returns.

Balance sheet remains strong, $381million cash at bank, despite the impact of the devaluation of the Naira on USD cash balances, net debt now at $380million ($128 million MPNU cash deposit not included), and further $3.3 million received as part of the Ubima disposal, total proceeds up to $21.9 million. It recorded unit production OPEX of $9.6/boe.

Average oil price $79.54/bbl (6M 2022: $107.35/bbl); average gas price $2.87/Mscf (6M 2022: $2.76/Mscf). The second quarter (Q2) 2023 dividend declared of US 3 cents per share is in line with a higher core annual dividend of US 12 cents.

Giving its operational highlights, the company said its working interest production increased by 1.8 per cent to 50,805 boepd, in the middle of its 45-55 kboepd guidance. “Amukpe-Escravos Pipeline (AEP) continued to provide alternative evacuation resulting in lower downtime overall.

Seplat completed five new wells, boosting liquids production at OML 40 and Island section of grouting operations on the OB3 pipeline. ANOH gas plant mechanical completion and partner-operated key project milestones are expected by the end of 2023,” it said.

Seplat also achieved more than 4.2 million hours without Lost Time Injury (LTI) at Seplat-operated assets and a carbon intensity figure of 26.3 kg/boe. Sapele Power gas offtake is expected to commence in H2’23, this is expected to reduce emissions by approximately 40 per cent.

Seplat extended the Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU) to preserve the transaction, pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals. “We continue to work with all parties to achieve a successful outcome,” it said.

Full-year production guidance retained at 45-55 kboepd

Seplat maintained a Capex guidance range at $160 – $190 million (previously $160 million) to support the Group’s objectives for the year.

Following our previously announced Board succession plan (25 April 2023), we are pleased to announce that Eleanor Adaralegbe, currently VP of Finance, has been appointed CFO-designate and will succeed Emeka Onwuka as CFO in 2024.

Commenting on the results, chief executive officer, Seplat Energy Roger Brown, said: “Seplat Energy’s continuing strong performance puts us on track for an excellent year that will support the increased quarterly dividends we announced in April, and our balance sheet remains strong despite the impact of the recent Naira devaluation. We are benefiting greatly from the use of the new Amukpe-Escravos Pipeline, which has supported our robust cash generation this year, and remain focused on improving operations, reducing costs where possible and further derisking the business. We continue to strengthen our company in the knowledge that our efforts to improve governance and sustainability are widely supported by Nigerian and international investors.

“The distraction of frivolous legal actions is receding, and we are focused on developing our assets and launching our joint venture ANOH Gas Processing Plant, which will significantly boost our cash generation in the coming years. We expect that this will enable us to fund additional investment in Nigeria’s energy infrastructure and return higher dividends to shareholders.

“We remain confident that our proposed and transformational acquisition of MPNU will be approved, enabling us to scale into a significant energy supplier with diverse and productive assets that have the potential to generate substantial benefits for Nigeria. We wholly align and support the recent government efforts to make Nigeria a more attractive place to invest and continue to focus on delivering affordable and reliable energy for Nigeria’s young, entrepreneurial and rapidly growing population,” he said.

TLG enters $25M deal with GetBucks

November 24, 2023 by AFR Business

January 2015

TLG Capital has entered into its largest transaction to date with GetBucks Ltd, a pan-African, technology-driven, microfinance company headquartered in Mauritius. TLG’s investment will be used by GetBucks to support its expansion into new jurisdictions and to deliver new products and services including microinsurance and banking to those beyond the reach of traditional financial services providers.

According to the African Development Bank, Sub-Saharan Africa has the lowest banking penetration rate in the world, standing at an average of 16.6% compared to 63.5% in developing countries. The potential to serve the unbanked represents significant opportunities for TLG and GetBucks to both generate commercial returns and achieve development impact.
Zain Latif, TLG Capital’s founder, said:
“This is TLG’s maiden investment directly in to the fintech and consumer finance space, a sector we have been carefully monitoring for a number of years. In GetBucks we have found the right local partner with the right combination of people, experience and technology. The key to success in this industry is building a sustainable and scalable platform from which to best serve the needs of the base consumer. We look forward to a long and fruitful relationship between TLG, GetBucks and the African consumer.”

“In GetBucks we have found the right local partner with the right combination of people, experience and technology. The key to success in this industry is building a sustainable and scalable platform from which to best serve the needs of the base consumer.”

Dave Van Niekerk, CEO of GetBucks, said:
“The investment from TLG has given the group the springboard it needs to further grow its customer base and successfully penetrate new markets. TLG shares our vision of changing how access to financial services is perceived and delivered to the market, so we are very pleased to have them on board.”

The deal team at TLG was led by Dominic Clive. The legal team was led by MJ Hudson in the UK, and included Globalex in Mauritius and DMH in Zimbabwe. Brainworks Capital advised GetBucks on the transaction.

About GetBucks:
GetBucks is a fintech company that embraces technology as a means to provide financial products and services to its customers. “Fintech” is an emerging sector aiming to change the world of modern banking through disruptive consumer technology. GetBucks was founded in 2011 and currently operates in predominantly high-growth emerging African markets within Sub-Saharan Africa, including Botswana, Kenya, Malawi, Zimbabwe and South Africa. Here they provide world-class financial services to the under-banked and under-serviced market. The group operates by way of a scalable, replicable, virtual online financial services platform, deployable across various markets and jurisdictions. za.getbucks.com

TLG Capital Launches Africa Credit Opportunities Fund

November 24, 2023 by AFR Business

January 2016

Award-winning investment manager TLG Capital is launching a new fund in January 2016, the TLG Credit Opportunities Fund (COF). This will be TLG’s second investment vehicle. TLG Africa, the permanent capital vehicle of TLG Capital, has committed over US$15M to seed the new fund.

AfrAsia Bank has issued a US$7.5M debt facility to TLG Africa. As experienced investors in African growth Small-Medium Enterprises (SMEs), TLG has successfully structured and invested in private credit deals which have produced equity-like returns while benefitting from the self-liquidating nature of debt. TLG’s investments have included credit enhanced products such as bank or multilateral guarantees.

TLG Africa’s experience of successfully executing and exiting several private credit enhanced investments into SMEs will no doubt benefit its inaugural fund, an appealing benefit to the new fund’s private and institutional investors. The COF seeks to achieve enhanced risk adjusted returns, annual distributions and clear liquidity options through an annual gated capital redemption policy. It will supply critical financing to corporates across the region.

Over the course of the year, TLG Capital has added two investment professionals and one additional advisory board member. David Webb, formerly at Goldman Sachs and Managing Director at TSU Capital, will focus on deal origination, special situations investments and fund marketing. Zhiyong Heng, formerly at DL Partners and Goldman Sachs, will focus on credit arbitrage and special situations investments. Nicholas Hofgren, former EMEA head of JP Morgan Private Funds Group, has joined the TLG Advisory Board of Directors. He is guiding fund raising and heading up an expanded Environmental and Social Responsibility (ESR) function on the TLG Investment Committee.

About AfrAsia Bank Limited:
Strategically based in Mauritius and with representation in key markets, AfrAsia Bank Limited serves the Africa-Asia trade corridor, combining its strengths and expertise in four core divisions: Private Banking and Wealth Management, Corporate Investment Banking, Global Business and Treasury. Since inception, the Bank has expanded through a combination of substantial organic growth and a series of strategic acquisitions, with core activities in Mauritius, South Africa, and United Kingdom.

AfrAsia Bank’s core banking and transactional capabilities are in Mauritius along with representative offices in Cape Town, Johannesburg and London. It also has an asset management arm, AfrAsia Capital Management Limited and a corporate and structured finance arm, AfrAsia Corporate Finance (Pty) Ltd.

TLG Capital partners with Medical Credit Fund to invest in the largest private out-patient facility in Liberia

November 24, 2023 by AFR Business

London, November 2016

TLG Capital today announced that it has invested growth capital in Snapper Hill Clinic
(SHC), through its Credit Opportunities Fund, backed by a guarantee from the Medical Credit Fund (MCF). SHC is the largest private out-patient facility in Liberia’s capital Monrovia, serving around 15,000 patients a year. The investment will enable SHC to deploy two 2 additional clinics and increase patient volumes to over 50,000 patients a year. TLG has been an investor in SHC since 2010.

SHC has been in operation since 1983 and cemented its strong reputation when it became the only clinical service provider in Monrovia during the height of the civil war (1989 – 1991). It reprised its role as a resilient healthcare provider when it became one of the few outpatient facilities providing services during the Ebola crises in 2014-16. Liberia was worst hit by Ebola amongst the West African countries with close to 15,000 registered cases and a mortality rate of 55%.

MCF is a social impact fund that enables companies in the healthcare sector in sub-Saharan Africa to access affordable finance in order to improve healthcare quality. Its first debt fund for healthcare SMEs was initiated in 2009 by the PharmAccess Group, with support from international financers like OPIC, the Calvert Foundation and the Dutch government. The loans are connected to technical support on quality improvement using the SafeCare standards and business planning.

SHC’s CEO, Varsay Sirleaf today commented: “This transaction represents a major step forward in our relationship with TLG who have been our partners since 2010. TLG’s investment will not only support our vision of becoming West Africa’s preferred service provider but will also buttress our participation in building a resilient healthcare system in Liberia post-Ebola. We are equally excited about our new relationship with the PharmAccess family (MCF and SafeCare). Through this partnership, SHC will be introducing higher standards of service into the Liberian market and ensuring that patients receive safe, timely and effective healthcare.”

“TLG’s investment will not only support our vision of becoming West Africa’s
preferred service provider but will also buttress our participation in building a resilient healthcare system in Liberia post-Ebola.”

Saad Sheikh, who led the deal for TLG said: “We are delighted to be deepening healthcare delivery in Liberia. With the expansion capital from TLG, SHC is able to offer best in class healthcare services across 3 locations in Monrovia – greatly increasing the supply of healthcare services to lower and middle income households. SHC aspires to be the market leader not only in Liberia, but also the region and TLG is excited to be contributing to that success. We have found a great partner in MCF to improve health delivery across sub Saharan Africa, with its credit enhancement and technical assistance programme, and we look forward to achieving more together in the coming years.” Bart Schaap, Finance Director of Medical Credit Fund commented: “In investment climates like that of Liberia, it is especially difficult for the health sector to access capital – an even more harsh reality in a country where the healthcare needs are so pressing. Medical Credit Fund lowers the investment risk so that players like TLG Capital are more inclined to inject capital into medical facilities like Snapper Hill, a clinic that has played such a crucial role in the Liberian healthcare market already. We look forward to building these new partnerships and helping to improve quality of care for a growing number of patients in Liberia. “
About Snapper Hill Clinic:
Snapper Hill Clinic has been operating since 1983 in Monrovia and offers general physician’s diagnoses and referrals, surgical procedures, prescriptions, an internal pharmacy and laboratory. With the injection of growth capital the clinic will increase its service offering and provide services in 3 locations across the country. Find out more about Snapper Hill.

About Medical Credit Fund and SafeCare:
Medical Credit Fund is a social impact fund that enables players in the healthcare sector in sub-Saharan Africa to access affordable finance in order to improve healthcare quality. This first debt fund for health SMEs was initiated in 2009 by the PharmAccess Group, with support from international private donors and the Dutch government. On 12 September 2016, OPIC, Calvert Foundation, and a Dutch private family office announced the closing of a USD 17.45 million agreement to expand the Medical Credit Fund.

The loans are connected to technical support on quality improvement using the SafeCare standards and business planning. The SafeCare quality label is a joint initiative from the Joint Commission International (JCI), the Council for Health Service Accreditation of Southern Africa (Cohsasa) and PharmAccess International. It allows healthcare facilities to measure and improve the quality, safety and efficiency of their services.

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