From One Lagos Gym To 30 Locations In Nigeria: How Verod-Backed Fitness Firm Is Now Eyeing Accra And Abidjan

More than a decade since its establishment, Nigerian fitness chain i-Fitness is building a nationwide network of gyms while positioning itself as part of the West African nation’s emerging health and wellness infrastructure.

“Since Verod acquired a 65% stake in i-Fitness in 2024, the company has expanded its branch network, strengthened its management structure and invested in technology, business intelligence and operational systems,” Foluso Ogunwale, the company’s founder and CEO, tells FORBES AFRICA.

The growth has come despite one of the most difficult economic periods in Nigeria’s recent history. The naira’s steep depreciation has increased the cost of opening and equipping gyms, turning what was once a billion-naira investment, in Ogunwale’s example, into something that can cost several times more.

Still, i-Fitness plans to end 2026 with about 35 to 36 locations, up from 16 when Ogunwale last discussed the company’s expansion plans in 2022 with FORBES AFRICA.

“We don’t do ego expansion. We’re very, very disciplined with our expansion,” he says.

The strategy, according to him, is to grow without allowing the pursuit of scale to overwhelm the business.

Daniel Adeoye, a partner at West African private equity investor Verod, shares with FORBES AFRICA that when the investment was made in February 2024, i-Fitness operated 21 locations.

The company now has 30 locations, employs more than 1,000 people and continues to report strong membership growth, he says.

i-Fitness was also ranked among Africa’s fastest-growing companies by the Financial Times (FT), a recognition Ogunwale views as evidence that the company’s expansion is being noticed beyond the fitness industry.

According to the FT list, the company generated $5.90 million in revenue in 2024.

“That number is a lot higher now, though I’m very careful not to disclose financials publicly. What I can say is that we continue to record very strong, sustainable growth, and that’s supported by our membership base and our branch network. The more locations we have, the more people we can serve,” he says.

Nigeria’s commercial capital Lagos remains its largest market, with roughly two dozen locations expected there by the end of the year. The capital Abuja, which began 2026 with two locations, is expected to have five by year-end, according to him.

The company is also looking farther west.

Ghana’s capital Accra and Côte d’Ivoire’s economic capital Abidjan are being considered as i-Fitness’s first international markets, with plans expected to be firmed up from the third quarter of 2027. The company is weighing organic expansion, franchising and acquisitions, although Ogunwale says there are few existing operators in those markets that appear suitable for acquisition.

At the same time, i-Fitness is trying to make its membership worth more than access to a gym.

The company has been developing a digital platform and a customer relationship management system designed to better understand members’ goals, habits and preferences. Some features are already available to members, while a broader launch is planned for early 2027.

The larger idea is to build an ecosystem around the membership.

Memberships, products and fitness services remain the company’s traditional sources of revenue. But i-Fitness is also generating income from corporate subscriptions, administration of third-party fitness centers, licensing and partnerships with businesses that operate inside its facilities.

For Ogunwale, however, the business case ultimately comes back to health.

Nigeria has a significant gap in preventive health and wellness, he says, with physical inactivity and unhealthy lifestyles contributing to poor health outcomes.

The company has begun discussions with Nigeria’s Ministry of Health and other government institutions, and Ogunwale sees growing recognition of fitness as part of the broader healthcare system.

“If we are focusing only on hospitals that are treating diseases when they occur; who is focusing on making sure that people are healthy?” Ogunwale says.

Daniel Oke, Founder and CEO of Lagos-based fitness space Five26fit, says Verod’s investment in i-Fitness reflects a broader change in African fitness.

The industry, he tells FORBES AFRICA, is becoming a serious business sector, forcing operators to improve everything from coaching and staffing to technology and customer experience.

For i-Fitness, that evolution offers an opportunity to build a much bigger market than the one Ogunwale entered in 2015.