Tangerine Pension in, AXAMansard out, in name change after Verod Capital acquisition

Zainab Iwayemi

AXA Mansard Pensions, the retirement savings business of insurance giant, AXA, in Nigeria, has finally given way to Tangerine Pension Limited in a name change that many industry watchers long expected after the latter’s acquisition by Verod Capital through its controlled vehicle, Eustacia Limited. Approval for the change was effected following approval by regulator, National Pension Commission (PenCom).

Eustacia Limited had been used by venture capitalist firm, Verod Capital, to take total control of AXA Mansard Pensions last year and it seemed only natural that the new owners would seek to operate the pension business in their own name, hence Tangerine Pensions.

Dapo Akisanya, chief executive officer, Tangerine Pensions Limited, said the development would help the company better position in terms of strengthening its hold and delivering customer services.

He 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,” Akisanya said.

In 2006, AXA Mansard Pensions was incorporated as Penman Pensions Limited with AXA Mansard Insurance Plc leading it as the majority shareholder of the company between 2014 until 2020. The pension administration will now operate as a company under Verod Capital Management Limited, going forward.

Verod is a West African private equity firm, focused on creating economic value across Africa. The firm is backed by a blend of foreign and local institutional investors, in the aspect of pension funds, sovereign wealth funds, insurance companies, asset management firms, fund of funds, family offices and development finance institutions.