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SEC lifts suspension on Aims Asset Management

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 Securities and Exchange Commission (SEC) has lifted the suspension order placed on Aims Asset Management Limited. By implication, the capital market operator has been reinstated to participate in the capital market.

It would be recalled that the SEC had on Tuesday, April 16, 2013, penalised Aims Asset Management Limited for non-refund of the sum of N300, 000 deposited by an investor under a Portfolio Investment Agreement (PIA), saying that the investor deposited the sum of N300, 000 with the operator under a Portfolio Investment Agreement for a tenor of three 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.

Reverting this regulatory decision against Aims Asset Management, SEC said it had lifted the suspension following its resolution of the issues against capital market operator and payment of penalty imposed on it. “The capital market operator has therefore been reinstated to participate in the capital market,” SEC stated.

In another market development, SEC said consequent upon feedback it received from various stakeholders in the capital market, the deadline of Monday, June 3, 2013, for transitioning to e-dividend payment had been postponed till further notice.

“This will enable the Commission to further enlighten retail investors and other investing publics on the merits of e-dividend payment. The Commission is also engaging the monetary authorities on modalities for e-dividend to be paid into both savings and current accounts,” SEC noted.

“We hereby assure all investors that protecting their interest is the key focus of the Commission. In this respect, the Commission is seeking to ensure that investors no longer lose their dividends due to diversion and loss of dividend warrants. We also encourage listed companies and registrars to do all that is necessary to reduce the quantum of unclaimed dividends,” SEC said in the circular available to INVESTOR.