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IFC, IFHA II, Swiss Re and CIEL Healthcare Invest in Hygeia Nigeria to Expand Access to Quality Healthcare

Lagos, Nigeria. January 7, 2016 – 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.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
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About Hygeia Nigeria Limited
Hygeia is an integrated healthcare delivery system which was founded in 1984 by Professor & Professor (Mrs) Elebute, a husband and wife team of physicians with over 50 collective years of medical experience at the time. The company’s operating units are Lagoon Hospitals, which began operations in 1986 as Lagoon Hospital Apapa, a multi‐specialist tertiary hospital facility in Lagos and later established additional hospitals at Ikeja and Victoria Island, which offer primary and secondary healthcare services respectively and Hygeia HMO, a health maintenance organization which provides health cover for companies and individuals throughout the country working with a network of 456 clinics and hospitals. It has also founded two not-for-profit organizations - Hygeia Community Health Plan, a subsidized health insurance scheme for low‐income communities, supported by the Dutch Health Insurance Fund and Hygeia Foundation which focuses on capacity building for healthcare professionals and which is one of the few private sector partners of the Global Fund for HIV/AIDS in Nigeria.
Hygeia has been at the forefront of healthcare in Nigeria and Lagoon Hospitals was the first hospital operator in Sub-Saharan Africa to receive international accreditation from Joint Commission International (JCI) and remains one of only two hospital groups in Sub-Saharan Africa with this accreditation. Lagoon Hospitals has also pioneered the provision of a number of specialties, hitherto confined to a few government owned teaching hospitals. In June 2013, Lagoon Hospitals became the first hospital in Africa to successfully execute the metallic replacement of a whole arm (bone and joints). Hygeia HMO was the first health maintenance organization to be accredited by the National Health Insurance Scheme (NHIS) in 2005.
About Satya Capital
Satya Capital is an independent investment firm focused on providing long-term growth capital to African businesses.  The firm partners with entrepreneurs to build world-class companies with regional and pan-regional scope and has the flexibility to back investee companies during all stages of development – from expansion to post-IPO—as its permanent capital base enables it to hold investments without a fixed exit horizon. Satya invests in Africa through two channels; firstly in platforms with a view to creating evergreen holdings in its core sectors, and secondly, Satya invests in growth equity in partnership with TPG. Satya targets investments of between $20 million and $150 million and invests in a broad range of sectors including: Consumer & Retail, Healthcare, TMT and Financial Services. The Satya team has a rich mix of financial, strategic and investment experience, as well as valuable direct operating experience, most notably through the establishment and growth of Celtel, a pan-African mobile operator.
IFHA II is a successor fund of the Investment Fund for Health in Africa (IFHA), a Private Equity (PE) fund that invests in Small and Medium Enterprises (SMEs) in the healthcare sector in Africa. IFHA-II focuses its investments across various healthcare sectors including healthcare provision, health insurance, health management organizations, administration providers, purchasing companies, medical asset financing, pharmaceutical production and distribution and medical education. After seven years of operations, the fund manager builds on its strong network and a solid track record of results from its first round investees, which include four successful exits. The current aggregate fund size is $193 million. The funds will expand to an investment size of circa $210 million.
About CIEL Healthcare Limited
CIEL Healthcare Limited (“CHL”) is a Mauritian registered private limited company, with a prime objective to own, operate and manage assets in the healthcare sector in Mauritius and across Sub-Saharan Africa. CHL currently holds investments in The Medical and Surgical Centre Limited (MSCL), which owns ‘Fortis Clinique Darné, the leading private hospital in Mauritius, The International Medical Group (IMG), largest provider of private healthcare services in Uganda, The Laboratoire International de Bio Analyses Ltée (‘LIBA’), and CIEL Healthcare Africa Limited (operating as ‘CIEL Healthcare Africa’).
About Swiss Re
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of around 70 offices globally and is rated "AA-" by Standard & Poor's, "Aa3" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the International Reporting Standard on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: or follow us on Twitter @SwissRe