AXA Mansard Pension is the latest in a series of Nigerian investments by Verod Capital Management.

West African private equity investor Verod Capital Management has taken over Nigerian pension administrator AXA Mansard Pension, following other investments made in the country’s financial services sector by Verod in recent years.

AXA Mansard Pension operates saving accounts and pension funds on behalf of private and public sector employees, with the deal subject to regulatory approval by the National Pension Commission.

Formerly known as Penman Pensions, it was taken over by AXA Mansard Insurance, the Nigerian arm of French insurer AXA, in 2014, which has now agreed to sell to Verod in order to focus on its core business.

Verod partner Eric Idiahi said it was “the ideal time to enter the market and that AXA Mansard Pensions provides an excellent beachhead from which to establish a consolidated position and positively contribute to the continued development of the industry”.

Idiahi argued that the deal would contribute to the National Pension Commission’s “commitment to raising standards within the industry and driving pension penetration rates in the short to medium term”, and was confident that the company could capitalise on what he called “considerable growth potential within the Nigerian pensions industry”.

AXA Mansard Pensions chief executive Dapo Akisanya welcomed “Verod’s strong commitment to providing us with the requisite support to actualise our promise to our clients and stakeholders”.

He cited the value of Verod’s experience as a West African investor and said it would help the pensions company to set new standards.

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