Verod, a leading West African private equity firm, is pleased to announce its successful exit from pensions fund administrator, Tangerine APT Pensions Limited (“Tangerine APT Pensions”). Verod’s minority partner, APT Securities and Funds Limited, is acquiring its stake.

In 2020, through its funds, Verod acquired 100% of AXA Mansard Pensions Limited and 45% of APT Pension Fund Managers Limited. In 2021, the two businesses were merged to create Tangerine APT Pensions Limited. At the time of the merger, the combined Assets Under Management (AUM) stood at approximately ₦100 billion.

Under Verod’s stewardship, Tangerine APT Pensions experienced significant growth, with AUM increasing to over ₦445 billion. 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.

Verod partnered with Tangerine APT Pensions’ leadership to deliver market leading environmental, social and governance (ESG) standards with a focus on creating quality jobs, advancing gender equity and supporting local businesses. This resulted in:

• The company’s workforce increasing from 49 people to 170 people

• The workforce reaching more than 40% women with youth employment above 10%

• $US4.7 million spent on local procurement, directly benefiting the domestic economy

• Tangerine APT Pensions aligning with IFC Performance Standards and the UN Sustainable Development Goals

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.”

About Verod

Verod is a leading investment firm in Africa backed by global public and private investors. Since it was founded in 2008, Verod has raised more than $360 million and made more than 40 investments across three funds. Impact is at the heart of Verod’s mission. In 2024, Verod became the first private equity fund worldwide to achieve a Best-in-Class 2X Certification – the global standard for gender lens investing.  

About APT Securities and Funds

APT Securities and Funds Limited is licensed by The Securities and Exchange Commission as an Issuing House and a dealing Member of The Nigerian Exchange Limited. The company works across financial advisory, securities trading, and investment management services.