i-Fitness' bold investment puts Nigeria's fitness culture in spotlight

In a sector where wins are few and far between, iFitness, West Africa’s premier gym chain, has taken centre stage with its bold investment strategy, reshaping Nigeria’s fitness culture and setting a new standard for wellness in the region.

Founded in 2015, i-Fitness was born out of the personal journey of Foluso Ogunwale to bridge the accessibility gap in Nigeria’s fitness culture by making bold investments in bespoke private facilities with affordable payment structures.
Upon settling in Lagos around 2013, he noticed the absence of decent gyms in his locality. This observation, combined with the growing global trend of health-conscious urban populations, sparked the birth of i-Fitness.

Ogunwale reported that the first external funding which was secured from a microfinance loan in 2017, had an interest rate of about 3.8 percent monthly. Due to the exorbitant interest rates at that time, Ogunwale believed this source of funding was quite expensive, however, because there were limited options, he went ahead with the loan agreement.

“We were faced with only a few viable options for external financing when i-Fitness was planning to include three more branches to the network. We accepted the loan since we knew it was short-term. By the end of 2017, banks began to understand the potential in the fitness industry,” he stated.

The year 2019 came with another milestone for the fitness chain when it secured its first private equity funding through CardinalStone Capital Advisers.

During the celebration of its 8th anniversary, the company announced plans to grow its fitness chain with more branches in locations across Nigeria, and eventually expand into West Africa. A case in point was the launch of its 21st branch at Ibadan in May 2023, shortly after the reopening of its recently refurbished flagship branch in Lekki Phase 1, Lagos.

“i-Fitness is committed to encouraging overall wellness from a fitness perspective, constantly improving our facilities to meet global standards,” said Thabo Pieterson, i-Fitness Head, Strategy and Operations.

The company said it remains committed to promoting the culture of fitness through its network of branches, making fitness an integral part of the urban lifestyle.

With African countries like Nigeria grappling with alarming health rankings, findings showed i-Fitness remained committed to empowering individuals to take charge of their well-being. The company offers a number of fitness programs designed to accommodate different interests.