LeapFrog Set to Invest in Nigerian Pension-Fund Manager
LeapFrog Investments Ltd. is investing in one of Nigeria’s largest pension-fund managers to tap rising demand for retirement products among low-income consumers in Africa’s most populous nation.
The private-equity investor, which has interests in healthcare and financial-services businesses spanning 149 Asian and African markets, didn’t disclose the terms of the deal with ARM Pension Managers Ltd. in a statement on Friday. ARM Pensions has $1.8 billion in funds under management reaching about 700,000 people through 57 locations across the country, it said.
Nigeria’s pension-fund assets have more than quadrupled over the past nine years to 8 trillion naira ($22 billion), according to data compiled by the National Bureau of Statistics, as the nation of over 200 million people makes it mandatory for companies to have retirement plans for workers. At least 89 percent of employed Nigerians are still not registered for pensions, giving LeapFrog access to one of the fastest-growing areas in the country’s financial-services industry, said Karima Ola, a partner at the firm.
Read more: Bloomberg
