The Federal High Court in Abuja has scheduled May 21, 2025, for judgment in the legal battle over the operational control and shareholding structure of Vedic Lifecare Nigeria Limited, a prominent medical facility in Lagos....Read Full Article >>➤
The case pits Dr. Benedict Okpala against Indian national Narayanan Chandra Praskash over who should be recognized as the rightful operating officer of the hospital. The court fixed the judgment date after both parties’ legal representatives adopted their final written addresses on March 3, 2025, regarding issues of incorporation, registration, and multimillion-naira share allotment.
At the heart of the dispute is the ownership and management of Vedic Lifecare, a facility established for medical services with international standards. Dr. Okpala claims that in 2011, Praskash expressed interest in investing in his medical services project, having discovered his expertise in medical tourism and emergency medical evacuations in collaboration with Indian hospitals.
According to Okpala, Praskash assured him that his lawyers had incorporated Vedic on his behalf. He further claims to have handled the hospital’s registration with the Lagos State Health Facility Monitoring and Accreditation Agency (HEFAMAA) and renewed it annually since 2012, thereby establishing himself as the operational officer of the facility.
Despite this, Okpala alleges that Praskash has been controlling the company’s affairs, including hiring foreign doctors without proper certification and operating bank accounts in the facility’s name without authorization.
Okpala claims to have invested a total of ₦272,030,000 in the facility, securing an initial 30% shareholding with 300,000 units of ordinary shares out of the company’s 1,000,000 share capital at incorporation. However, he alleges that Praskash later unilaterally reduced his shares to 159,944 units through a fraudulent Return of Allotment (Post Incorporation) Form CAC 2A, without his knowledge or consent.
Furthermore, Okpala asserts that while his stake was reduced, Praskash allegedly increased his associate’s shares from 400,000 to 2,188,723 units, effectively sidelining him in company decisions. He is asking the court to declare the document fraudulent and restore his original shareholding structure, along with additional shares reflecting his further investments.
In response, Praskash, alongside other defendants including Linda Alaomah and Vedic Lifecare Nigeria Limited, denied Okpala’s claims, labeling them as false, misleading, and an attempt to damage reputations. Their legal defense argues that:
Praskash did not express interest in investing in Okpala’s medical project, but rather, he conceived and established Vedic Lifecare himself to address Nigeria’s growing healthcare challenges and reduce medical tourism.
Okpala was never a majority shareholder and has always held a minority stake in the company.
Vedic was not incorporated on behalf of Dr. Okpala, as claimed.
The defendants maintain that the case is without merit and should be dismissed outright.
During the hearing, Okpala’s counsel, George Ibrahim, SAN, urged the court to grant all reliefs sought, including a declaration that his client is the rightful operating officer of Vedic Lifecare. Conversely, Praskash’s legal team asked the court to dismiss the suit for lack of merit.
The five commercial banks named in the lawsuit did not file any legal processes or positions on the matter.
After hearing the arguments, Justice Inyang Ekwo scheduled the judgment for May 21, 2025, stating that if the ruling is ready earlier, it may be delivered before the scheduled date.
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