IFC invests in Hygeia Nigeria Limited

Lagos, Nigeria, Capital Markets in Africa — IFC, a member of the World Bank Group; together with IFHA-II Cooperatief, a private equity fund focused on investing in the healthcare sector in Sub-Saharan Africa; Swiss Re, the reinsurance company; and CIEL Healthcare Africa Limited, a pan-African healthcare company, today announced an investment of $66.8 million in Hygeia Nigeria Limited, Nigeria’s leading private healthcare company. 

The new investment aims to improve healthcare infrastructure and increase access to quality healthcare services in Nigeria. In addition to providing capital, the partnership will increase and broaden the technical expertise at Hygeia and ensure global best practices through the involvement of Ciel Healthcare Africa. Ciel is working in association with Fortis, a leading integrated healthcare delivery service provider in India. Through this project, Hygeia will have the capacity to reach more than two million patients over the seven-year investment period. 

Fola Laoye, Chairperson of the Board of Hygeia Nigeria Limited, said, “As Nigeria’s foremost and leading private integrated healthcare services provider, Hygeia is consistently seeking ways to improve and expand our offerings so that we can offer more Nigerians world class services at affordable rates and help to reverse the growing trend to travel abroad for care. IFC and IFHA, our long term partners, are working with us to achieve our aim of closing the gap of quality healthcare service delivery in Nigeria. We are excited to bring on board reputable new partners like Swiss Re and Ciel Healthcare Africa. We thank the Satya team for their support and commitment during a very important time of development for Hygeia.” 

Hygeia, operates a network of two hospitals and three clinics under the Lagoon Hospitals brand and a health maintenance organization, Hygeia HMO. It is expanding its operations by upgrading and increasing capacity at existing hospitals, including its management information system, and creating a new tertiary care hospital. The investment will allow Hygeia to expand its service offering in healthcare services and the HMO to allow greater access to quality healthcare in Nigeria. 

Eme Essien, IFC Country Manager for Nigeria said, “IFC is committed to financing integrated healthcare networks to help increase access to quality healthcare. More people will get better access to quality and cost effective healthcare in Nigeria.” 

“IFHA-II believes that we have a strong consortium of partners in place to help realize growth at Hygeia. Nigeria is a key market for IFHA-II and through our investment in Hygeia we will be able to expand access to quality healthcare across the country.” said Max Coppoolse, the Managing Partner of IFHA-II. 

Hygeia HMO aims to consolidate its leadership position with its investment in world class information technology infrastructure that automates processes, ensures operational efficiencies and improves customer interface. 

“Satya is proud of the role it has played in Hygeia’s growth and the value it has helped create. We would like to thank our partners the Elebute Family and the entire Hygeia team for their dedication and hard work over the last six years. It has been a privilege to support their efforts to offer world class healthcare in Nigeria.” said Moez Daya, Managing Partner of Satya Capital. 

“We wish the management and employees of Hygeia all the best as they continue on their journey to redefine Healthcare in Nigeria. This transaction is the culmination of many years of hard work, of which they should be justly proud” added Jide Olanrewaju, who led Satya’s investment in Hygeia.