Verod, a West African private equity firm, has announced its successful exit from pensions fund administrator, Tangerine APT Pensions, to Verod’s minority partner, APT Securities and Funds.

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 ₦100bn.

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

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%; $4.7m spent on local procurement, directly benefiting the domestic economy; and 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 ₦100bn to ₦445bn, 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, added: “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.”