The Securities and Exchange Commission (SEC) has revealed that women are the most affected victims of Ponzi schemes in Nigeria.
Dr. Emomotimi Agama, SEC Director-General, made this known on Thursday during an event in Abuja marking International Women’s Day. He emphasized the need to educate and empower women with financial knowledge to help them make better investment decisions and avoid fraudulent schemes.
“Women are key players in the commodities market, yet they are also the most vulnerable to financial scams,” Agama stated. “Most victims of Ponzi schemes in Nigeria are women. This is because women, by nature, are empathetic and often invest with the hope of providing for their families. Unfortunately, scammers take advantage of this.”
The Minister of Women Affairs, Hajia Imaan Sulaiman-Ibrahim, echoed this concern, urging women to strive for financial independence and excellence. She praised SEC’s efforts in promoting financial literacy for women, stating that proper education would help them make informed investment choices.
She further highlighted that the financial literacy program would not only teach women about savings and investments but also provide them with access to secure financial products tailored to their needs. This, she said, would help protect them from falling prey to fraudulent investment platforms.
Mrs. Hafsat Rufai, Director of Registration, Exchanges, and Market Infrastructure at SEC, reinforced the importance of the capital market in economic development. She advised women to verify investment companies with SEC before committing their money, as this could prevent financial losses.
Similarly, Mrs. Hansatu Adegbite, Chairperson of the Association of Nigerian Business Women Network, called for more financial education initiatives.
“Where poverty exists, we must create opportunities for wealth. Many women overlook the capital market, yet it is a powerful tool for financial growth. Women need to start investing wisely and multiplying their income,” she said.
The event, titled “Accelerate Action: Empowering Women through Financial Literacy and Inclusion,” aimed to equip women with the knowledge and tools needed to make sound financial decisions and secure their futures.
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