Business
Stanbic IBTC Ventures surrenders venture capital operating license
Stanbic IBTC Ventures Limited (SIVL) said it has surrendered its operating licence as a venture capital manager.
The company made the disclosure in a notification to the Nigerian Stock Exchange (NSE) signed by the secretary of the company, Chidi Okeize on Friday.
According to the notice, the company said its decision to surrender the licence was voluntary.
“This is to inform the Nigerian Stock Exchange that Stanbic IBTC Ventures Limited, a subsidiary of Stanbic IBTC Holdings Plc, has applied to the Securities and Exchange Commission to surrender its licence as a Venture Capital Manager.
Read also: FIRS to begin sale of tax evaders’ properties
“This 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.”
Last week, the Central Bank of Nigeria (CBN) had fined Stanbic IBTC N1.886 billion for alleged illegal repatriation of $8.1 billion for MTN.
The bank, in a statement on Thursday, had said the CBN debited its account with the financial regulator for the N1.886 billion.
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