In Lagos, hospitals do not usually make headlines. Yet Paelon Memorial Hospital quietly did, by changing owners and possibly altering the future of private care in Nigeria. All thanks to Fola Adeola
Iwosan Investments, co-founded by Adeola, announced the acquisition as part of its growing plan to build a national network of advanced medical facilities. The deal placed a respected hospital inside a wider healthcare strategy.
Paelon had already earned a reputation. It became Africa’s first SafeCare Level 5 certified hospital. Patients often cited its efficiency and quieter, more personal atmosphere. Now it would operate with new resources while keeping its clinical standards. Iwosan promised investment in people, systems, and infrastructure. A hospital known for precision might soon be known for scale.
Iwosan began in 2019 with modest steps. It grew by targeting institutions that already had trust. In 2022, it bought the Lagoon Hospitals Group. That acquisition birthed the Iwosan Lagoon Hospitals brand on Victoria Island, which now serves as one of the city’s hubs for advanced clinical services.
The latest move renewed conversations about what wealthy Nigerians do with capital. Adeola built a career that ranged across finance, infrastructure, and philanthropy. He helped found GTBank, guided Main One Cable Company, and supported thousands of young entrepreneurs through FATE Foundation. His ventures often started with institutions and ended with systems.
That history made the hospital purchase feel intentional. Adeola had long shown an interest in structural change. Healthcare might be the new sector where systems could be tested. The deal suggested that private investment was drifting toward life and longevity rather than only profit.
