Verod exits Nigerian pensions fund administrator; AUM grows 4.5x
West African private equity firm sells stake in Tangerine APT Pensions.
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Verod, the West African private equity firm, exited its investment in Nigerian pensions fund administrator Tangerine APT Pensions. Verod’s minority partner, APT Securities and Funds, is acquiring its stake.
In 2020, through its funds, Verod acquired 100% of AXA Mansard Pensions and 45% of APT Pension Fund Managers. In 2021, the two businesses were merged to create Tangerine APT Pensions. At the time of the merger, the combined assets under management (AUM) stood at approximately ₦100 billion (about $67 million at the current exchange rate).
Under Verod’s stewardship, Tangerine APT Pensions experienced significant growth, with AUM increasing to over ₦445 billion (about $298 million). This growth reflects the company’s strengthened market position driven by increases in its customer base, pension transfers and contributions from existing retirement savings account holders.
Daniel Adeoye, partner at Verod, said: “We entered this market with a clear thesis: consolidate, optimise and scale. The numbers are compelling – AUM grew from ₦100 billion to ₦445 billion, a 4.5x increase under our stewardship. We didn’t just back the company; our partnership with Tangerine APT’s management team focused on operational excellence and strategic positioning in Nigeria’s pension fund administration space. This exit validates Verod’s investment approach. We identify high potential opportunities and work hard to execute with consistency, to deliver solid returns for our investors. This success was only possible with the support of our partners, APT Securities and Funds – we are leaving the business in very capable hands.”
Aliyu Dahiru, managing director of Tangerine APT Pensions, said: “Verod’s investment transformed Tangerine APT Pensions from a single market operator into a scalable, tech-enabled pension manager with stronger governance and a clearer pathway to higher AUM and profitability. The partnership delivered stronger retirement outcomes for plan members while creating attractive returns for the shareholders.”
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