Verod Capital Exits Nigerian Pension Sector, Sells Tangerine Stake to APT Securities

Bukola Olanrewaju 5 days ago BUSINESS Leave a comment

Lagos-based private equity firm Verod Capital has divested its stake in Tangerine APT Pensions, one of Nigeria’s leading Pension Fund Administrators (PFAs).

The shares were acquired by APT Securities and Funds Limited, a Nigerian firm specializing in financial advisory, asset management, and securities trading. Verod Capital, which focuses its investments across West Africa, did not disclose the financial terms of the transaction.

Verod initially entered the sector in 2020 through its funds, acquiring 100% of Axa Mansard Pensions Limited and 45% of APT Pension Fund Managers Limited. The two entities were subsequently merged in 2021 to create Tangerine APT Pensions Limited.

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Verod Capital said it has significantly strengthened governance and accelerated the growth of Tangerine APT Pensions, positioning it as a major player in Nigeria’s pension industry.

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“We entered this market with a clear thesis: consolidate, optimise, and scale. The numbers are compelling – AUM grew from N100 billion to N445 billion, a 4.5x increase under our stewardship,” said Daniel Adeoye, a partner at Verod Capital. “Our partnership with Tangerine APT’s management team focused on operational excellence and strategic positioning in Nigeria’s pension fund administration space.”

Verod’s exit comes as the National Pension Commission (PenCom) mandates a compulsory recapitalisation for the Nigerian pension industry. PFAs and custodians must raise their minimum share capital by December 2026. Companies managing less than N500 billion in assets, such as Tangerine APT Pensions, must increase their share capital to a minimum of N20 billion naira within the next 15 months.

This measure aims to reinforce the sector’s stability and ensure the security of contributors’ deposits. The transaction between Verod and APT Securities marks one of the first strategic restructurings in Nigeria’s pension sector since the regulatory reform was announced.