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Breaking: Stanbic IBTC ceases venture capital operations

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Stanbic IBTC Ventures Limited (SIVL), a subsidiary of Stanbic IBTC Holdings PLC, on Friday announced surrendering licence permitting it to operate as a Venture Capital Manager.

TheNewsGuru (TNG) reports SIVL said, in a statement signed by the company’s secretary, Chidi Okezie, that informed the Nigerian Stock Exchange of applying to the Securities and Exchange Commission to surrender its licence as a Venture Capital Manager.

According to the statement, 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.

“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.

“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,” the statement read.

 

More details to follow on this shortly…

 

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