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Stanbic IBTC Ventures Limited (SIVL), a subsidiary of Stanbic IBTC Holdings Plc, on Friday said it has surrendered its Venture Capital Licence to the Nigerian authorities.
It disclosed this in a disclosure sent to the Nigerian Stock Exchange (NSE).
“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 Friday in a disclosure signed by Chidi Okezie, the company’s secretary.
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, Stanbic IBTC bank, is one of the four banks fined by the Central Bank of Nigeria last week.
The bank said on Thursday that the CBN had debited its account with N1.88 billion.
The deductions were made after the CBN imposed fines on the banks for helping South African telecoms firm, MTN, illegally repatriate money from Nigeria.
The other banks are Standard Chartered Bank (N2.47 billion), Citibank Nigeria (N1.265 billion) and Diamond Bank Plc (N250 million).