Verod Capital Exits UTL Trust Management Services Limited

09 Oct 2019

Verod Capital Management Limited (Verod) is pleased to announce, via its sophomore fund, Verod Capital Growth Fund II LP (Fund II), that it has completed an agreement and received regulatory approvals to fully exit its ownership of UTL Trust Management Services Limited (“UTL”, formerly Union Trustees), a Nigerian trust company based in Lagos.

UTL is registered with the Securities and Exchange Commission as trustee and fund/portfolio manager, providing trusteeship, estate administration, fund and portfolio management services to sub-sovereign, corporate and individual clients from a wide range of sectors across Nigeria. In 2015, following a change in local banking regulations, Verod acquired 100% stake in UTL from Union Bank of Nigeria.

Mrs Aiyepola, CEO of UTL, stated: “We are pleased to have partnered with Verod over this past four years and their resources and focus has been instrumental in positioning the company to achieve our long-term goals.”

With the support of a highly skilled and experienced management team, Verod worked with UTL to deliver high growth solid financial results. In the four years that the investment was held, Verod contributed significantly to expanding the business and optimizing its operations, establishing UTL as one of the leading companies in its sector.

Following its partnership with the management team to buyout UTL from Union Bank, Verod cofounder Eric Idiahi stated: "Verod was particularly excited to support a top-class management team, and is confident that the implementation of new strategic initiatives and introduction of new business lines such as the on-line Wills service geared toward retail clients, will be instrumental in sustaining and consolidating UTL's growth”.

To find out more, please click here

« Back to Member News

Just one more week until AVCA Connect with @TheNewPractice. Connect with the leading private investment professiona… https://t.co/2KRiz4IgWH

Verod Capital Management has announced its exit from UTL Trust Management. Read more: https://t.co/76326LN1K9

Just one more day until AVCA’s inaugural Climate Change Roundtable. Don’t miss the opportunity to be part of the co… https://t.co/auxSUAmMJk

@AVCA_Africa’s Week in London has begun! A special thanks to our sponsor, @WhiteCase for organising this evening’s… https://t.co/ia5LEJQNn5

Just 3 more days until @AVCA_Africa’s Connect with @WhiteCase! Join us on the 7th October 2019 for an evening of ne… https://t.co/30Llp1viM7

;