Most Victims Of Ponzi Schemes Are Women, Says SEC DG

…Minister Advocates Financial Literacy, Inclusion For Women’s Empowerment

The Director-General of the Securities and Exchange Commission, Emomotimi Agama on Thursday said most victims of Ponzi Schemes in the country are women.

Agama said the sympathetic nature of the heart of a woman as well as their quest to ensure the livelihood of their families has made them to become vulnerable to various types of fraudulent ponzi schemes in the country.
This is just as the Minister of Women Affairs, Hajia Imaan Sulaiman -Ibrahim has called on all stakeholders to take immediate and decisive action in empowering women through financial literacy and inclusion.

The minister and the SEC DG said these at an event to commemorate the International Women’s Day with the theme, “Accelerate Action” – Empowering Women Through Financial Literacy & Inclusion.”

The event, organized by the Securities and Exchange Commission (SEC) and co-sponsored by United Capital Asset Management Limited and Stanbic IBTC Asset Management, saw the gathering of financial leaders, and women’s groups committed to advancing financial education and empowerment.

The Minister commended the SEC for its pioneering efforts in championing women’s financial inclusion and literacy.

“This year’s theme, ‘Accelerate Action,’ is more than a slogan; it’s a call to all of us to turn conversations into concrete actions,” she said.

The Minister stressed the transformative power of financial knowledge, explaining that financial literacy is not just about understanding money but about providing women with the tools to make informed decisions that affect their future.

She stated, “When women are financially literate, they have the power to influence their own economic destiny, secure their families’ future, and become change-makers in society.”

However, despite the growing role of women in driving Nigeria’s economy, the Minister pointed out that many Nigerian women still face significant barriers to accessing financial resources and participating fully in the economy.

These barriers include limited access to credit, exclusion from formal financial systems, and susceptibility to fraudulent schemes. As a result, the Minister emphasized the need for urgent action to address these challenges.

The Federal Government, under the leadership of President Bola Ahmed Tinubu, has set an ambitious goal to empower 10 million women by 2027 as part of its broader strategy to transform Nigeria into a $1tn economy by 2030.

The Minister noted that Nigerian women are already a driving force in the economy, owning around 40 per cent of small businesses in the country, a testament to their entrepreneurial spirit and resilience.

In response to the challenges women face, the Minister outlined key initiatives aimed at promoting women’s financial empowerment.

She highlighted the need to increase financial literacy among women, equipping them with the knowledge to make informed decisions about savings, investments, and wealth creation.

She also emphasized the importance of improving access to secure financial products tailored to women’s unique needs, including loans and investment opportunities.

Furthermore, she underscored the necessity of strengthening protections for women against financial exploitation, fraudulent schemes, and Ponzi schemes, which many women are vulnerable to.

Agama described the celebration of a women’s day an important event as women are the ones to move the market to the next level.

He said, “What do we do in the capital market? We do so much, distribution of wealth. Every woman that has N10 makes sure she multiplies that N10 to N50. That is the nature of a woman.

“The objective of this government is to empower women, we must educate women and we will bring them to the fore of national recognition when it comes to the capital market.

“I also speak about the vulnerabilities of women, most of the ponzi schemes that we have in Nigeria, majority of the victims of these schemes are women, and the reason is very simple-the woman’s heart is empathetic. All that she thinks about is how to help her family; how to grow the provision of her family; that is all she thinks about.

“She thinks about her children, she thinks about her husband, she thinks about her father, she thinks
about her mother. These are practical issues that we all are facing as we live our lives in this country.

“And so, it is very important why we speak about stock market and the ability to multiply investor and to
grow investors and we also talk about the commodity market especially the stock commodity. we speak
about the women.

“So, here we are celebrating the International Women’s Day, we want to provide enlightenment that the capital market can be of help to you and how it becomes of help to you?”

Agama commended the Minister stating that the partnership between SEC and the ministry would provide financial education for women.”

Most Victims Of Ponzi Schemes Are Women, Says SEC DG is first published on The Whistler Newspaper