SEC raises no objection to license surrender by Stanbic IBTC’s subsidiary

THE SECURI TIES AND EX CHANGE COM MISION has raised no objection to the decision of Stanbic IBTC Ventures Limited (SIVL), a subsidiary of Stanbic IBTC Holdings Plc., to give up its license as a venture capital manager.

Stanbic IBTC made the disclosure in a corporate filing issued Friday to the Nigerian Stock Exchange (NSE) stating that an application had been made to the Securities and Exchange Commission (SEC) by the company.

“This surrender is entirely voluntary and the Commission has granted a “No Objection” to SIVL’s application,” the company explained in the filing.

The company further explained that the decision by SIVL will not negatively impact the holding group or the subsidiary.

To this end, the document signed by Chidi Okezie the Company secretary noted that “SIVL does not have any venture capital obligations with any of its clients and the surrender of its license would not impact negatively on the Stanbic IBTC Group as SIVL will still continue to operate as a going concern

Stanbic IBTC Ventures Limited is a subsidiary of Stanbic IBTC Holdings Plc, which prior to this announcement was into the management of venture capital funds for different companies requiring financing either by way of debt or equity.

The parent company, Stanbic IBTC Holdings Plc was incorporated in 1989 to offer integrated financial services. It is based in Lagos Nigeria and has nearly ten subsidiaries; including Stanbic IBTC Bank which was recently fined N1.88 billion by Nigeria’s CBN over an illegality involving MTN and three other banks.

Stanbic IBTC Holdings Plc’s share price closed Friday at N45.00 on the Nigerian Stock Exchange.