The Federal High Court, Abuja, has fixed May 21, 2025, to deliver judgment in the ownership dispute over Vedic Lifecare Nigeria Limited, a multimillion-naira medical facility in Lagos. The legal battle is between Dr. Benedict Okpala, a Nigerian medical professional, and Narayanan Chandra Praskash, an Indian investor, over who holds the rightful position as the operating officer in charge of the hospital.
The Legal Dispute
In court documents, Okpala claims that in 2011, Praskash approached him with an interest in investing in his vision of a medical facility with international standards. According to Okpala:
•Praskash built a friendly relationship with him and discovered his background in providing medical evacuation and medical tourism services in partnership with Indian hospitals.
•He agreed to work with Praskash, who assured him that his lawyers had incorporated Vedic Lifecare on his behalf.
•He personally handled the hospital’s registration with the Lagos State Health Facility Monitoring and Accreditation Agency (HEFAMAA) and has renewed it annually since 2012.
•He invested ₦272,030,000 into the business and was originally allotted 300,000 shares (30% of the company’s equity) out of 1 million shares at incorporation.
•However, he alleges that Praskash fraudulently reduced his shares to 159,944 units without his consent, while increasing the shares of his companion to 2,188,723 units—a move he calls manipulative and fraudulent.
•He argues that since he invested additional funds into the business, his shares should have increased, making him the largest shareholder.
Okpala also accuses Praskash of:
•Controlling the company’s affairs without proper authorization.
•Hiring and recruiting foreign doctors without following Nigerian medical certification regulations.
•Operating and opening bank accounts under Vedic Lifecare’s name without his involvement.
•Misrepresenting share allotment documents filed at the Corporate Affairs Commission (CAC).
He is asking the court to nullify the altered share allotment and declare it invalid, affirming him as the rightful operating officer of Vedic Lifecare.
Praskash and Co-Defendants’ Defense
The defense team, representing Praskash, Linda Alaomah, Pius Olarewaju, and Vedic Lifecare, denied all allegations and described Okpala’s claims as false, misleading, and an attempt to tarnish their reputation.
Their counterarguments include:
•Praskash never invested in Okpala’s “dream”, as claimed. Instead, he was the one who conceived the idea of bringing an Indian-run medical facility to Nigeria to curb medical tourism and address healthcare challenges.
•Vedic Lifecare was never registered on behalf of Okpala, and he has always been a minority shareholder in the company.
•The changes in shareholding were lawfully executed, and Okpala’s claims are baseless.
•The lawsuit is a calculated attempt to gain control of the company through legal manipulation.
Legal Proceedings and Court Hearing
The lawsuit, filed under case number FHC/ABJ/CS/1516/2021, was heard by Justice Inyang Ekwo at the Federal High Court, Abuja.
•Okpala’s lawyer, George Ibrahim, SAN, urged the court to grant all the reliefs sought, affirming his client as the rightful operating officer of Vedic Lifecare.
•Praskash’s legal team dismissed the case as frivolous, lacking merit, and based on fabricated claims.
•Five commercial banks named in the case did not file any processes and remained neutral in the legal dispute.
After hearing oral arguments from both parties, Justice Ekwo set May 21, 2025, as the official judgment date, adding that the verdict may be delivered earlier if ready before then.
Key Issues at Stake
Beyond the ownership battle, the case has broader implications for:
•The regulation of foreign doctors in Nigeria’s healthcare sector.
•The role of foreign investors in Nigerian hospitals.
•Corporate governance, shareholder rights, and regulatory compliance.
•The enforcement of Nigerian medical laws and certification requirements.
With millions of naira and control over one of Nigeria’s leading private hospitals on the line, all eyes are on the court’s final ruling, which will determine the legitimate ownership and leadership of Vedic Lifecare Nigeria Limited.
