Nigerian fitness company i-Fitness is preparing for its next growth phase after expanding to 30 locations, with Accra and Abidjan emerging as potential markets for its West African expansion.
What began as a single gym in Lagos has grown into a multi-location fitness business with ambitions beyond Nigeria. Backed by private equity firm Verod Capital Management, i-Fitness is positioning itself to tap into new opportunities in West Africa’s organised fitness and wellness industry.
The company, founded in 2015 by entrepreneur Foluso Ogunwale, has expanded its network across Nigeria as demand for structured fitness services creates opportunities for operators capable of delivering consistent experiences across multiple locations.
Now, Ghana and Côte d’Ivoire are among the markets being considered for its next stage of growth, with Accra and Abidjan offering potential entry points into two neighbouring economies.
The expansion could mark a significant step for a Nigerian consumer brand seeking to establish itself as a regional player rather than remain concentrated in its domestic market.
How i-Fitness Grew From One Lagos Gym to 30 Locations
Building a fitness business requires more than purchasing equipment and securing premises. Operators must manage rent, electricity, maintenance, qualified staff and customer retention while keeping membership fees within reach of their target market.
For i-Fitness, the strategy has been to build a network of facilities that can serve customers across different urban locations while operating under a common business model.
Since launching in Lagos in 2015, the company has expanded into other Nigerian markets, including Abuja. Its growth has helped it establish a recognisable presence in the country’s organised fitness sector.
The expansion to 30 locations represents a milestone in the company’s development, demonstrating its ability to grow beyond a single facility.
However, operating a larger network also increases the complexity of the business. Each additional location requires effective management, consistent service standards and sufficient membership revenue to cover operating costs.
Maintaining these standards will be crucial as the company considers entering markets outside Nigeria.
Verod Capital’s Investment Supports the Next Growth Phase
A major development in the company’s growth came in February 2024, when Verod Capital Management acquired a 65% stake in i-Fitness.
The investment gave the business institutional backing as it pursued expansion, facility upgrades and improvements to its operating systems.
Private equity investment can provide more than funding for new branches. It can also support corporate governance, financial planning, management development and the systems required to operate a business across multiple markets.
For i-Fitness, these capabilities could become increasingly important as it evaluates opportunities beyond Nigeria.
Expanding internationally requires significant planning, from assessing potential locations and negotiating leases to recruiting staff and establishing local partnerships. The business must also determine whether its existing membership model can work in markets with different consumer spending patterns and competitive conditions.
Verod’s investment provides a platform for growth, although the success of any expansion will ultimately depend on execution, demand and financial performance.
Why Accra and Abidjan Are on the Expansion Radar
Accra and Abidjan are being considered as potential destinations for i-Fitness’s first international expansion.
Both cities are important commercial centres in West Africa, making them potential bases for a company looking to introduce an established fitness model into new markets.
For i-Fitness, entering Ghana and Côte d’Ivoire would provide an opportunity to test whether its Nigerian operating model can be adapted to different consumer markets.
The company has several possible expansion routes available. It could establish and operate its own gyms, work with local franchise partners or acquire existing fitness businesses.
Each approach comes with different financial and operational implications.
Company-owned facilities would offer greater control over branding and customer experience but require substantial upfront investment. Franchising could reduce the capital needed for expansion, while acquisitions could provide an established presence and existing customers.
The choice will depend on the availability of suitable locations, potential partners, competition and the expected cost of establishing operations.
Although the two markets offer potential opportunities, expansion plans should not be confused with confirmed gym openings. The timing and structure of any international launch will depend on the company’s final decisions.
Technology and Diversified Revenue Could Support Growth
As fitness businesses expand, technology can help them manage memberships, understand customer behaviour and improve retention.
i-Fitness has been developing digital capabilities to strengthen its relationship with members and support a more connected fitness experience.
Digital platforms can make it easier for customers to access services and for operators to monitor engagement across different locations. They can also provide valuable information about membership trends, service preferences and customer retention.
The company has also explored additional revenue opportunities beyond conventional gym memberships, including corporate fitness services and partnerships involving third-party fitness facilities.
Diversification could help the business reach customers through employers and other organisations while reducing its reliance on individual subscriptions.
For a company considering international growth, such systems and additional revenue streams could provide useful support for managing operations across different markets.
The Challenges of Building a Regional Fitness Brand
Despite its domestic expansion, i-Fitness will face several challenges if it moves into Ghana and Côte d’Ivoire.
Fitness facilities require substantial investment in equipment, premises and maintenance. Imported equipment can expose operators to currency fluctuations, while electricity and property costs can put pressure on profitability.
Customer affordability is another consideration. A successful operator must balance the cost of providing quality facilities with membership prices that customers are willing and able to pay.
Competition from independent gyms, boutique studios and other fitness providers could also affect the pace of expansion.
The company will therefore need to understand local preferences and adapt its services to each market. A model that performs well in Lagos may require adjustments in Accra or Abidjan, particularly in pricing, location strategy and customer acquisition.
Effective local partnerships and disciplined investment decisions could help manage these risks.
What i-Fitness Means for African Entrepreneurship
The growth of i-Fitness illustrates how an African entrepreneur can develop a consumer-facing business from a single location into a larger operation capable of attracting institutional investment.
It also highlights the role private equity can play in supporting businesses that require significant capital to expand.
Beyond fitness, the company’s experience offers lessons for entrepreneurs in other sectors, including healthcare, hospitality, education and retail. Businesses seeking regional growth must develop systems that can be replicated without compromising service quality or financial sustainability.
For Ogunwale and his team, the next challenge is to determine whether the operating model developed in Nigeria can succeed across national borders.
If the expansion into Ghana and Côte d’Ivoire proceeds, i-Fitness could become an example of a homegrown African consumer brand pursuing regional scale.
For now, its growth story rests on a clear transition: from building a network of gyms in Nigeria to exploring the foundations of a broader West African fitness business.
