The Flying Doctors Healthcare Investment Company at 10!
Just over ten years ago, I moved from London via Tokyo to Lagos. As a young person in my very early twenties, I had a big dream:
I wanted to improve healthcare across Africa.
My first project was starting an Air Ambulance Service to transport patients from areas where they had overwhelmed the level of care to other locations with more suitable levels of care. That involved working in conflict areas like North Eastern Nigeria, Mali, Niger and Central African Republic.
We worked for oil companies, manufacturing firms, insurance companies, military organisations and even governments.
As we excelled, clients started trusting us with more of their healthcare requirements. We procured their medical equipment, ran their clinics, refurbished their healthcare facilities, completed health consulting projects for them and ground ambulance services.
The ETU; air ambulance services that are cheaper than ground ambulances
We launched the ETU service, a removable stretcher service that uses commercial flights to transfer patients a few years after we launched. This democratised air ambulance services in Africa, allowing us to perform air ambulance flights at 10 percent of the cost of an entire aircraft.
Our Board
Almost as soon as we registered the company we constituted a Board of advisers. We wanted the most experienced, competent professionals in Nigeria and we were fortunate to be able to connect with them.
Former commissioner for Health for Lagos State; Dr Leke Pitan became chairman of the board, Former Director of the NCAA; Captain Kiddie Dare as head of the operations sub-committee and chartered accountant/Founder of the Multitrex Group (A large cocoa processing company) are all members of our board.
It was at one of our advisory board meetings that Mr Owofemi raised an alarm. There was a problem: our retained earnings! Yes, we were making good profit, but we had a very poor strategy of investing said profit.
It was around this same time that I learnt that most health care problems in Africa were not just clinical; they were also economic and financial. We began, due to Mr Owofemi’s stern rebuke, to invest in stocks, real estate, and fixed income instruments.
Then I took certificate courses in Accounting and Economics at IESE and University of Michigan respectively. I later decided to take an Msc in Finance and Economic Policy. I was one of the seed investors and founding directors in Greentree Investment Company: a sector agnostic, technology focused venture capital firm that provides start up capital, mentorship and support to early stage companies.
Greentree has become one of Africa’s leading venture capital firms. Learn a little bit more about our story here. Greentree successfully invested across many sectors including fintech, media and ecommerce. I also had the privilege of learning under Mr Agusto; one of Nigeria’s most respected economic/financial minds, for years.
This led us to start sector-specific healthcare/wellness investments under the Flying Doctors Healthcare Investment Company where we are helping companies operating in the healthcare and wellness space to expand and grow.
This year, we celebrate 10 years with all the different milestones, victories, difficulties, failures, mentors, partners, friends, team members and learning along the way.
I remain dedicated to two areas:
1. Investing in early stage sector agnostic technology companies through Greentree Investments
2. Growing our specialised healthcare holdings through the Flying Doctors Healthcare Investment Company
Healthcare that is affordable, accessible and acceptable is the foundation upon which any truly developed country is built on.
Africa’s future depends on the ability of its young people to create employment, opportunity, profit and economic growth.
Here I am at the intersection of this important mission, looking back at the successes and lessons of the past 10 years and vowing to do more in the next 10.
Learn more about me by clicking on my profile here, you can also follow me on Twitter. My handle is @naijaflyingdr
