Stanbic IBTC Ventures Limited (SIVL) has surrendered its licence as a venture capital manager.
The company disclosed this in a notification to the Nigerian Stock Exchange (NSE) on Friday.
According to the SIVL, the decision to surrender the licence was voluntary.
It stated: “This is to inform the NSE that Stanbic IBTC Ventures Limited, a subsidiary of Stanbic IBTC Holdings Plc, has applied to the Securities and Exchange 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.”