Nigerian businessman Fola Adeola’s Iwosan Investments buys Paelon Memorial Hospital

Iwosan Investments, the Lagos-based healthcare investment company led by Nigerian businessman Fola Adeola, has acquired Paelon Memorial Hospital, one of Lagos’ well-established multi-specialist medical centers, in a move that is part of a broader plan to expand its footprint through a mix of acquisitions and new hospital developments while raising the standard of care for patients across the country.

The company said the deal strengthens its position in Nigeria’s healthcare sector and supports its goal of building a network of facilities that offer reliable, modern and patient-focused services. The acquisition also fits into Iwosan’s approach of blending operational improvements with long-term investment in people, systems and infrastructure.

Paelon joins Iwosan to strengthen healthcare in Nigeria

Paelon Memorial Hospital, known for its evidence-based medical practice, became Africa’s first facility to earn a SafeCare Level 5 certification. Under Iwosan, Paelon will have access to a wider pool of expertise in operations, finance, administration and human resources, further helping the hospital maintain its standards while offering more specialized services.

Fola Laoye, co-founder and CEO of Iwosan, said the hospital’s record of consistent care and its leadership under Dr. Ngozi Onyia made the partnership a natural fit. “Paelon’s remarkable 15-year legacy of excellence—driven by its founder, Dr. Ngozi Onyia, and her team of dedicated healthcare professionals—has set a gold standard for patient-centered care in Nigeria,” Laoye said. “Each hospital under the Iwosan Group will retain its unique identity and operations, they will also benefit from shared expertise, systems, and support across the Group.”

Dr. Onyia said joining the Iwosan Group will help Paelon deepen its commitment to ethical and compassionate care. “Over the past 15 years, Paelon has been guided by a simple vision — to provide compassionate, ethical, and evidence-based care to every patient who walks through our doors. Joining the Iwosan Group marks an exciting new chapter for us,” she said.

Iwosan builds nationwide care through acquisitions and expansion

Founded in 2019 by Fola Adeola and Laoye, Iwosan has grown by focusing on access, quality and operational discipline. It has invested in building new facilities, upgrading existing ones and recruiting skilled medical professionals to improve patient care across Nigeria. 

Last year it opened a full-service medical facility under the Iwosan Lagoon Hospitals brand. The hospital on Ligali Ayorinde Street in Victoria Island has since become a key center for advanced clinical services. This was made possible by Iwosan's purchase of the Lagoon Hospitals Group in 2022, which brought all of its operations together under the Iwosan Lagoon Hospitals name.