Stanbic IBTC subsidiary surrenders licence as VC manager

Stanbic IBTC Holdings Plc has informed the Nigerian Stock Exchange (NSE) that its subsidiary, Stanbic IBTC Ventures Limited (SIVL) has applied to the Securities and Exchange Commission (SEC) to surrender its licence as a Venture Capital Manager.

“This surrender is entirely voluntary and the Commission has granted a “No Objection” to SIVL’s application”, the Holdco said in a notice at the NSE.

“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 further added.