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”.
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