Iwosan Investments, the healthcare group co-founded by businessman Fola Adeola, has bought Paelon Memorial Hospital in Lagos. The acquisition adds the Victoria Island facility, located on Ahmadu Bello Way, to Iwosan’s expanding network of medical centres.
Paelon Memorial Hospital is known for its evidence-based approach and was the first in Africa to receive a SafeCare Level 5 certification. With the new ownership, the hospital will have access to broader support in operations, finance, administration and human resources. Iwosan says this will help Paelon maintain its standards while creating room for more specialised services.
Fola Laoye, co-founder and chief executive of Iwosan, said Paelon’s track record made the partnership an easy decision. “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,” she 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 Iwosan will allow Paelon to build on its culture of 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 was established in 2019 and has expanded by building new facilities and acquiring existing ones. Its investments include the Lagoon Hospitals Group, which it purchased in 2021 and later consolidated under the Iwosan Lagoon Hospitals name.
The company has also opened a full-service medical centre on Ligali Ayorinde Street in Victoria Island and established a cardiology centre of excellence in the same area. It has invested in technology upgrades and developed wellness and specialty centres to support broader access to care. In March 2025, it acquired Euracare Multi Specialist Hospital.
Iwosan says the purchase of Paelon Memorial Hospital is another step in its long-term plan to strengthen healthcare delivery through a mix of new developments and strategic acquisitions.
