Stanbic IBTC surrenders venture capital licence

Stanbic IBTC surrenders venture capital licence

Stanbic IBTC Holdings Plc has notified the Nigerian Stock Exchange (NSE) that its subsidiary, Stanbic IBTC Ventures Limited (SIVL) has applied to the Securities and Exchange Commission (SEC) to surrender its licence as a Venture Capital Manager.
The Group in a notice signed by Chidi Okezie, its Company Secretary, said the surrender was 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 Group noted.
The banking subsidiary of the group is one of the four banks fined by the Nigerian authorities last week.The banks’ accounts were debited to the tune of over N5 billion, details emerged Thursday. The unit, Stanbic IBTC Nigeria, was fined 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).
Stanbic IBTC also confirmed this in a statement on Thursday, saying, “Following our earlier announcement to the Nigerian Stock Exchange on 30 August, 2018, in respect of the penalty of N1.886bn imposed by the CBN on our banking subsidiary – Stanbic IBTC Bank Plc (the ‘bank’) in relation to the remittance of foreign exchange on the basis of certain capital importation certificates issued to MTN Nigeria Communications Limited, we write to update the NSE that the CBN had debited the account of our banking subsidiary with the CBN for the full amount of the above stated fine advised to the bank.
“Stanbic IBTC Holdings Plc as well as our banking subsidiary maintains our position on this matter, which is the fact that the bank has done nothing illegal and accordingly the bank will continue to provide the CBN with documents and details in support of our contention that our actions in relation to these transactions were not illegal.”
It added that the debit would not impact on its capacity to handle clients’ requests or clients’ ability to continue to carry out viable business transactions with either the bank or any member of the Stanbic IBTC Group.

Stay in the Know!

Sign up for the latest news and information on African Companies and Economy.

By signing up, you agree to receive MoneyInAfrica offers, promotions and other commercial messages. You may unsubscribe at any time.

Leave a Reply