SEC suspends Aims Asset Management, Vision Trust & Investment from capital market activities

The Securities & Exchange Commission (SEC) has suspended Aims Asset Management Limited from capital market activities for non-refund of the sum of N300, 000 deposited by an investor under a Portfolio Investment Agreement (PIA).

The SEC said that “The investor deposited the sum of N300, 000 with the operator under a Portfolio Investment Agreement for a tenor of 3 years. At the expiration of the period and despite several demands, the operator failed/refused to pay to the investor her invested sum and the returns thereon.”

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According to SEC, “Investigation on the matter revealed that the operator invested the investor’s money in the shares of Tetrazzini Foods Limited, a private company whose shares are not traded on the floor of the Nigerian Stock Exchange (NSE) and which is not regulated by the Commission. This is contrary to the Portfolio Investment Agreement between the operator and the investor. The Commission had on several occasions directed the operator to resolve the matter and upon its failure/refusal to do so, it was suspended from all capital market activities.”

Also, the Securities & Exchange Commission suspended Vision Trust & Investment Limited, a stockbroker, and its sponsored individuals from all capital market activities.

SEC said the suspension is as a result of the operator’s sale of 131, 868 and 44, 400 units of UBA plc shares belonging to the estate of Animashaun Anjorin without mandate.

“The operator was given several opportunities to restore the shares it sold without mandate and upon failure/refusal to restitute the investor, it was suspended from all capital market activities along with its sponsored individuals,” SEC said.