The Securities and Exchange Commission (SEC) has revealed that women are the most affected victims of Ponzi schemes in Nigeria.
Dr. Emomotimi Agama, Director-General of SEC, disclosed this in Abuja on Thursday at an event marking International Women’s Day (IWD) organized by the commission.
He emphasized the need to educate and empower women to make informed financial decisions and create wealth in the capital market.
“Most of the Ponzi schemes in Nigeria have women as the majority of their victims. Women, with their empathetic nature, often invest in such schemes to support their families, but end up losing their hard-earned money,” Agama said.
He stressed the importance of providing platforms for women to trade their commodities and participate actively in the capital market.
Similarly, the Minister of Women Affairs, Hajia Imaan Sulaiman-Ibrahim, urged women to demonstrate excellence and make impactful financial decisions. She praised SEC’s financial literacy initiative, stating that it would equip women with the knowledge needed for smart investments and protection from fraudulent schemes.
SEC Director of Registration, Exchanges, and Market Infrastructure, Mrs. Hafsat Rufai, highlighted the benefits of investing in the capital market, including wealth creation, dividend income, and tax benefits. She urged women to verify investment firms with SEC before patronizing them.
Mrs. Hansatu Adegbite, Chairperson of the Association of Nigerian Business Women Network, commended SEC’s efforts in educating women on financial literacy.
“Where poverty exists, we must create wealth. Women need to look beyond traditional savings and explore opportunities in the capital market,” Adegbite said.
The event, themed “Accelerate Action: Empowering Women through Financial Literacy and Inclusion,” attracted women associations from various sectors.
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