Verod, a leading West African private equity firm, has announced the successful exit of its stake in Tangerine APT Pensions Limited, following a landmark 4.5x growth in assets under management (AUM). The minority stake has been acquired by APT Securities and Funds Limited, Verod’s long-standing partner.
From ₦100 Billion to ₦445 Billion in Five Years
Verod entered Nigeria’s pension fund administration market in 2020 through the acquisition of 100% of AXA Mansard Pensions Limited and 45% of APT Pension Fund Managers Limited. A year later, the two firms were merged to form Tangerine APT Pensions Limited, which began operations with an AUM of ₦100 billion.
Under Verod’s stewardship, Tangerine APT Pensions’ AUM rose to more than ₦445 billion, cementing its position as one of Nigeria’s fastest-growing pension fund administrators. Growth was driven by new client acquisitions, increased pension transfers, and higher contributions from existing retirement savings account holders.
ESG Impact and Workforce Transformation
Beyond financial growth, Verod’s partnership with Tangerine APT Pensions was marked by significant environmental, social, and governance (ESG) impact:
Workforce expanded from 49 to 170 employees.
Women now represent over 40% of staff, with youth employment above 10%.
$4.7 million was spent on local procurement, directly supporting Nigerian businesses.
Operations aligned with IFC Performance Standards and the UN Sustainable Development Goals.
Daniel Adeoye, Partner at Verod, highlighted the success:
“AUM grew from ₦100 billion to ₦445 billion, a 4.5x increase under our stewardship. This exit validates Verod’s investment approach—consolidate, optimise, and scale while building sustainable businesses.”
Aliyu Dahiru, Managing Director of Tangerine APT Pensions, added:
“Verod’s investment transformed us from a single-market operator into a scalable, tech-enabled pension manager. Their partnership strengthened governance, profitability, and member outcomes.”
About Verod
Founded in 2008, Verod has raised over $360 million and executed more than 40 investments across three funds. In 2024, it became the first private equity fund globally to earn the Best-in-Class 2X Certification for gender-lens investing.
About APT Securities and Funds
APT Securities and Funds Limited, licensed by Nigeria’s Securities and Exchange Commission, operates across financial advisory, securities trading, and investment management, and is a dealing member of The Nigerian Exchange Limited.