Stanbic IBTC Surrenders Venture Capital Licence

The Stanbic IBTC Ventures Limited (SIVL), a subsidiary of Stanbic IBTC Holdings Plc, on Friday surrendered its Venture Capital License.

The group, made this known in a disclosure signed by the company’s secretary Chidi Okezie and sent to the Nigerian Stock Exchange (NSE) noting that it had applied to the Securities and Exchange Commission (SEC).

“This is to inform the Nigerian Stock Exchange that Stanbic IBTC Ventures Limited (“SIVL”), a subsidiary of Stanbic IBTC Holdings PLC has applied to the Securities and Exchange Commission (the “Commission”) to surrender its licence as a Venture Capital Manager,” the group said on Friday .

It however said that the surrender is entirely voluntary and the commission has granted a “No Objection” to SIVL’s application.

“We also would like to state that SIVL does not have any Venture Capital obligations with any of its clients and the surrender of its licence would not impact negatively on the Stanbic IBTC Group as SIVL will still continue to operate as a going concern,” it added.

The banking subsidiary of the group is one of the four banks fined by the central bank last week over MTN deal.

The banking arm of the group confirmed in a disclosure notice sent to the Nigerian Stock Exchange that it had been debited. It added, however, that the debit would not impact on its capacity to handle clients’ requests or clients’ ability to continue to carry out viable business transactions with either the bank or any member of the Stanbic IBTC Group.

“Our business transactions will continue to be handled professionally and in a manner that is aligned with Nigeria’s laws and regulatory guidelines,” it stated.