Eustacia Limited, a company controlled by Verod Capital Management Limited, has completed the acquisition of 100% of AXA Mansard Pensions Limited’s equity.
Subsequently, the name of AXA Mansard Pensions Limited has been changed to Tangerine Pensions Limited, receiving of all necessary approvals from the National Pension Commission (PenCom).
Verod is a West African private equity firm, focused on creating economic value across Africa. The firm is active across various sectors, including, life and general insurance, other financial services, light manufacturing, consumer goods, business services, agriculture, education, and healthcare.
Verod is backed by foreign and local institutional investors, including pension funds, sovereign wealth funds, insurance companies, asset management firms, fund of funds, family offices and development finance institutions.
AXA Mansard Pensions was incorporated as Penman Pensions Limited in 2006 and AXA Mansard Insurance Plc became the majority shareholder of the company from 2014 until 2020. This is therefore not the first time that the organisation has undergone a rebranding and name change process.
Speaking on the rebrand, Dapo Akinsanya, CEO, Tangerine Pensions Limited said: “The conclusion of this acquisition after receiving all regulatory approvals has put the company in a position to build an even more successful organisation, with our future growth anchored on delivering impeccable customer service and driven by best practices.
“Our change of ownership and rebranding give us an opportunity to do so much more for our customers, whilst focusing on being the premier pension provider, availing customers multi-channel access to superior retirement solutions. We are committed now, more than ever, to building life-long financial partnerships with our clients, giving them access to an assured future,” he stated.
Tangerine Pensions Limited is a Pension Fund Administrator managing a number of approved employee schemes including the traditional RSA and Retiree portfolios. The company’s team serves over 89,000 customers with Assets under Management of over ₦74 billion.