In 2024, private equity firm Verod Capital invested in i-Fitness, a Nigerian gym chain founded in 2015 by the entrepreneur Foluso Ogunwale.
Verod co-founder Danladi Verheijen describes the business as one of his favourite investments.
Despite operating only around 30 outlets, i-Fitness is already seven times the size of its nearest competitor in West Africa – and Verheijen sees significant room for growth. “Our membership base is basically 1% of 1% of the population of Nigeria. It’s literally nothing. We’re still just scratching the surface,” Verheijen says. “I think [in] the UK, maybe 16 to 18% of the population goes to a gym. In the US, it’s 25 to 30%. So literally, we could be a thousand times larger.”
Beyond Nigeria, i-Fitness is eyeing expansion into Ghana and Côte d’Ivoire.
Watch/read our full interview with Verheijen: Verod’s investment playbook for West Africa
