Verod Capital Management Limited will exit its ownership of UTL Trust Management, a trust company based in Lagos, Nigeria. UTL Trust Management is a trustee, fund manager, estate administration and portfolio manager to corporate and individual clients. The company is licensed by the Securities and Exchange Commission of Nigeria. The funding and support provided by Verod Capital assisted in expanding the company and has generated acceptable private equity return. Verod Capital’s total internal rate of return of 50.8% reflects its performance in the Nigerian market.
Verod Capital Partners is a private equity firm with a strong track record in Small to Medium Enterprise investments with a fund size of $150m. Verod Capital Partners has historically invested in SME companies in the West Africa including Nigeria, Ghana, Liberia, Sierra Leone and Gambia. The exit amount closed on UTL Trust Management was not disclosed.