AXA Mansard Pensions New Owner

AXA Mansard Insurance has disclosed that, upon completion of a bid process, Eustacia Limited, a member of the Verod Group, has being selected as the preferred bidder for the purchase of the shareholding of AXA Mansard in AXA Mansard Pensions. The disclosure was made in a notification sent to the Nigerian Stock Exchange (NSE) on August 8, 2020, by AXA Mansard Insurance Plc and signed by its Company Secretary, Mrs Omowunmi Mabel Adewusi.

The company said it is confident about Verod’s strong commitment to providing the Company with the requisite support to actualize its promise to clients and stakeholders. The company further noted that the divestment has received letters of No Objection from the National Insurance Commission, National Pension Commission, and the Federal Competition and Consumer Protection Council, but it should be noted that the completion of the divestment is, however, subject to the receipt of the final approval of the National Pension Commission.

Eric Idiahi, Partner at Verod, said, “We strongly believe that this is the ideal time to enter the market and that AXA Mansard Pensions provides an excellent head from which to establish a consolidated position and gain market share.” He also said the National Pension Commission has continued to demonstrate strong commitment to raising the industry’s standards, as well as driving pension penetration rates in the short to medium term.

Verod is a leading West-African private equity investor seeking to partner with fast growing companies, led by strong, result driven management teams, and which have the potential to become large, dominant and sustainable enterprises. We 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.

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