Fola Laoye drives Nigeria’s healthcare sector through strategic investment and leadership in hospital systems and health financing.
A functional healthcare system is fundamental to national development, supporting individual well-being, workforce productivity, and economic stability. However, in many African countries, the sector remains hindered by underinvestment, inadequate infrastructure, and limited access to quality care.
Addressing these challenges requires more than policy reform; it demands visionary leadership, innovative financing, and long-term system building. As Co-Founder and CEO of Iwosan Investment Limited, Fola Laoye is strengthening Nigeria’s healthcare ecosystem through investment, expertise, and innovation.
Early Life and Transition into Healthcare Finance
Born in Lagos State to medical doctor parents, Laoye’s early exposure to healthcare shaped her eventual path. She began her career in accounting, but her focus shifted following an MBA in the United States, where she studied Health Maintenance Organisation (HMO) models. This research influenced her decision to return to Nigeria in 1999 to join Hygeia Nigeria Limited, a healthcare company founded by her parents.
At Hygeia, she was instrumental in raising capital, including securing one of the earliest direct foreign investments in Nigeria’s healthcare sector—approximately $500,000.
“Going into healthcare as an accountant, the goal was to tackle the issue of access to capital in the sector and build a strong business case to attract more funding,” she told Nairametric.
In 2002, at just 32, Fola Laoye became CEO of Hygeia Nigeria. Under her leadership, the company expanded access to care through private and public health insurance programmes, reaching over one million Nigerians. Hygeia also secured support from international development finance institutions to scale these efforts.
After serving as CEO, she became Chair of Hygeia’s board and later entered the broader healthcare investment space. She held a director role at the Investment Fund for Health in Africa and founded Health Markets Africa in 2018, an advisory and investment firm focused on healthcare system development across the continent.
Founding Iwosan Investments
In 2021, Laoye co-founded Iwosan Investments Limited with Fola Adeola and Dapo Oshinusi. The company functions as a healthcare investment holding firm, acquiring and scaling healthcare institutions in Nigeria through buyouts and growth capital.
That same year, Iwosan acquired Lagoon Hospitals from the Hygeia Group. Known for their international accreditation and quality clinical services, the hospitals in Ikeja, Apapa, Victoria Island, and Ikoyi were rebranded as Iwosan Lagoon Hospitals. The company aims to strengthen healthcare delivery through infrastructure upgrades, operational improvements, and technology adoption.
In January 2024, Iwosan launched a new state-of-the-art facility, Iwosan Lagoon Hospital Victoria Island, at a ceremony attended by Lagos State Governor Babajide Sanwo-Olu. More recently, in March 2025, it acquired Euracare Multi-Specialist Hospital in Victoria Island, further consolidating its footprint in specialist care.
Iwosan has also received external financial support, including a ₦4 billion (about $2.5 million) investment from the Bank of Industry to accelerate its mission of modernising Nigeria’s healthcare systems.
Broader impact on African healthcare
Beyond hospital acquisitions, Laoye’s contributions extend across Africa through advisory and investment roles. She has helped mobilise more than $100 million in private equity and development funding for the continent’s health sector.
Her work aligns with a broader vision: enabling private-sector-led healthcare in Africa, a market projected to reach $259 billion by 2030. While challenges like affordability and access persist, Laoye’s focus on long-term growth and systems investment marks a pivotal shift in how healthcare is financed and delivered across the region.
