Verod has successfully exited its investment in Tangerine APT Pensions Limited, with APT Securities and Funds Limited acquiring its stake after significant growth in Assets Under Management.

Target Information

Verod, a leading private equity firm based in West Africa, has successfully exited its investment in Tangerine APT Pensions Limited, a prominent pensions fund administrator. The firm’s minority partner, APT Securities and Funds Limited, has acquired Verod’s stake in Tangerine APT Pensions. This transaction marks a significant milestone in the growth journey of Tangerine APT Pensions since its inception.

In 2020, Verod acquired 100% of AXA Mansard Pensions Limited and 45% of APT Pension Fund Managers Limited. The strategic merger of these two firms in 2021 resulted in the formation of Tangerine APT Pensions Limited, which initially held approximately ₦100 billion in Assets Under Management (AUM). Under Verod’s guidance, the company has remarkably grown its AUM to over ₦445 billion, demonstrating a substantial increase in its customer base and pension contributions.

Industry Overview in Nigeria

The pension fund administration industry in Nigeria has witnessed robust growth in recent years, driven by various factors including regulatory reforms and an increasing awareness of the importance of retiremen