The National Pension Commission (PenCom) has granted a “No Objection” to Eustacia Limited, an SPV incorporated in Nigeria and wholly owned by Verod Capital Management Fund, to acquire Axa Mansard Pension.
Verod Capital Management Fund has therefore by this approval acquired 100 percent shareholding in AXA Mansard Pension Limited through its subsidiary, Eustacia Limited.
According to the Commission, the acquisition processes has since been concluded.
The development is coming just as Verod Capital completed the acquisition of two insurance companies that are undergoing recapitalisation as mandated by the National Insurance Commission (NAICOM).
The two companies are Law Union and Rock Insurance Plc and UBA Metropolitan Life now called Tangerine Life. Verod equally invested in ARM Life Insurance.
Verod is an Anglophone West Africa Private Equity firm focusing on investing equity and equity-linked capital in growth companies across various consumer-driven sectors in Nigeria, including in particular, the pension and insurance industry.
The investor is seeking to partner fast growing companies, led by strong, result driven management teams, and which have the potential to become large, dominant and sustainable enterprises.
According to the investor, they are focused on creating economic value, and also resolutely committed to creating jobs, promoting gender equality and supporting environmental sustainability.
‘’We are active across various sectors, including but not limited to light manufacturing, consumer goods, business services, agriculture, education, healthcare and financial services,’’ the company said.