Verod Capital Management, a leading West African private equity firm, has officially exited its investment in Tangerine APT Pensions, a Nigerian pension fund administrator. The firm’s stake has been acquired by its minority partner, APT Securities and Funds, marking a strategic transition in ownership and leadership continuity.
Verod first entered the Nigerian pensions space in 2020, acquiring 100% of AXA Mansard Pensions and a 45% stake in APT Pension Fund Managers through its managed funds. In 2021, the two entities were merged to form Tangerine APT Pensions, creating a consolidated platform with approximately ₦100 billion in assets under management (AUM), equivalent to around $67 million at current exchange rates.
Over the course of Verod’s investment, Tangerine APT Pensions experienced remarkable growth, with AUM expanding more than 4.5 times to exceed ₦445 billion (approximately $298 million). This growth was driven by a combination of strategic pension transfers, increased contributions from existing retirement savings account holders, and a broader customer base.
Daniel Adeoye, Partner at Verod, stated:
We entered this market with a clear thesis: consolidate, optimize, and scale. The numbers speak for themselves, AUM grew from ₦100 billion to ₦445 billion under our stewardship. But beyond the financials, our partnership with Tangerine APT’s management focused on operational excellence and strategic positioning in Nigeria’s pension fund administration space. This exit validates Verod’s investment approach: identifying high-potential opportunities and executing with consistency to deliver strong returns for our investors. We’re confident the business is in capable hands with APT Securities and Funds.
Under Verod’s ownership, Tangerine APT Pensions evolved from a traditional pension administrator into a scalable, tech-enabled platform with enhanced governance structures and a clear roadmap for profitability and long-term growth.
Aliyu Dahiru, Managing Director of Tangerine APT Pensions, commented:
Verod’s investment transformed Tangerine APT Pensions from a single-market operator into a forward-looking institution. The partnership enabled us to deliver stronger retirement outcomes for plan members while generating attractive returns for shareholders. We now have the tools, systems, and strategy to continue scaling and innovating in Nigeria’s pension space.
Verod’s exit comes as part of a broader strategy to recycle capital into new opportunities across West Africa, while ensuring that its portfolio companies continue to thrive under strong local leadership. The acquisition by APT Securities and Funds ensures continuity and alignment with the long-term vision for Tangerine APT Pensions.
This transaction highlights the growing maturity of Nigeria’s pension sector and the role of private equity in driving institutional transformation, financial inclusion, and long-term value creation.
