By Dipo Olowookere
The board of Stanbic IBTC Plc on Friday announced surrendering its licence as a Venture Capital Manager.
This information was made known in a statement issued to the Nigerian Stock Exchange (NSE).
The firm disclosed the release of the operating licence of Stanbic IBTC Ventures Limited (SIVL), a subsidiary of Stanbic IBTC Holdings Plc, was “entirely voluntary.”
According to the statement, Stanbic IBTC wrote to the Securities and Exchange Commission (SEC) and has been granted a “No Objection.”
“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,” the statement signed by the Company Secretary, Chidi Okezie, stated.
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