PenCom approves Sale of AXA Mansard Pension Limited

The National Pension Commission (PenCom) disclosed in its 3rd quarter report that it has granted a “No Objection” approval for Eustacia Limited, an SPV (Special Purpose Vehicle) incorporated in Nigeria and wholly owned by Verod Capital Management Fund, to acquire 100% shareholding in AXA Mansard Pension Limited. PenCom further disclosed that the acquisition processes had since been concluded.

AXA Mansard Insurance plc in August 2020 announced the divestment from AXA Mansard Pensions Limited after obtaining the Shareholder’s approval at the Company’s Extra Ordinary General Meeting held on the 13th of February 2020, the Company commenced the process of divestment by appointing Messer Rand Merchant Bank as the Financial Advisers while Aluko & Oyebode acted as the Legal Advisers on the transaction.

AXA Mansard Insurance plc had also disclosed that Eustacia Limited (a member of the Verod Group) was selected as the preferred bidder.

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