Ibom Specialist Hospital, Akwa Ibom, Uyo. A great testimony of Public Private Partnership (PPP) in Health Care Development in Nigeria.
George Etomi & Partners acted as Legal adviser to Cardiocare Medical Services Limited; an international consortium of medical experts and highly specialized hospital administrators, in its ground-breaking partnership with the Akwa Ibom State Government to develop and manage the newly constructed state of-the-art Multi-Specialty Hospital ‘Ibom Multi-Specialist Hospital Limited (ISH)’.
Akwa Ibom State Government in its desire to improve its State by enhancing its healthcare and medical services decided to develop and build a 300-bed ‘Anniversary Specialist Hospital’ in the heart of Akwa Ibom State (“The Project”), and equip it with state of the art technology and world class medical personnel which would help promote the State as a center for global medical tourism in Nigeria and eventually cause a major boost to its economy. The project is valued at approximately USD$75,000,000.00 (Seventy Five Million Dollars). The government recognized the need for collaborative expertise in the development and execution of the Project and agreed to grant the Project with all its facilities to the Company, an international consortium of medical experts and highly specialized hospital administrators.
We were involved in the initial restructuring of the Company which prepared it as a suitable vehicle for partnership with the State Government of Akwa Ibom State. We advised the Company on the structuring of the transaction, and also negotiated and prepared all the transaction agreements – Memorandum of Understanding; Management Agreement; Technical Services Agreement, Consortium Agreement, Operations & Management Agreement and the Concession Agreement. Tis deal was innovative because of its magnitude and complexity. It was the first of its kind in the Health Sector in Nigeria. We also sought to combine a management phase as well as a concessionary phase in one seamless transaction.