Ponzi scheme victims in Nigeria mostly women — SEC DG
By Seun Ibiyemi
The Securities and Exchange Commission (SEC) has stated that victims of Ponzi schemes in Nigeria are predominantly women.
The Director-General of the SEC, Dr Emomotimi Agama, made this remark on Thursday in Abuja during an event organised by the commission to commemorate International Women’s Day (IWD).
Dr Agama highlighted the need to educate and empower women to enable them to make informed financial decisions and create wealth within the capital market.
According to him, women play a significant role in the commodities market, and there is a need to provide them with platforms to sell their produce effectively.
“I also want to address the vulnerabilities of women. In most of the Ponzi schemes operating in Nigeria, the majority of the victims are women.
“The reason is quite simple: women are naturally compassionate. Their primary concern is their families—how to support, sustain, and enhance their family’s welfare.
“We must re-empower and re-educate women, ensuring that they are brought to the forefront of national recognition in matters relating to the capital market.”
Similarly, the Minister of Women Affairs, Hajia Imaan Sulaiman-Ibrahim, urged women to make meaningful contributions by demonstrating excellence.
The Minister commended the SEC for its efforts in promoting financial literacy among women, noting that such initiatives would enable them to make more informed investment decisions.
Sulaiman-Ibrahim added that the programme would equip women with essential financial knowledge on savings, investments, and wealth creation.
She further noted that it would also provide access to secure financial products tailored to women’s needs while strengthening protections against financial exploitation, particularly through Ponzi schemes and fraudulent investment platforms.
Delivering a lecture at the event, Mrs Hafsat Rufai, Director of Registration, Exchanges and Market Infrastructure at the SEC, emphasised the crucial role the capital market plays in economic development.
She outlined some of the key benefits of investing in the capital market, including wealth creation, dividend income, liquidity, and tax advantages.
Mrs Rufai advised women to verify the registration status of investment companies with the SEC before engaging in any financial transactions.
Likewise, Mrs Hansatu Adegbite, Chairperson of the Association of Nigerian Business Women Network, applauded the SEC for its financial literacy initiative aimed at women.
“In areas where poverty is prevalent, we must create wealth. The capital market is one area that women often overlook. We need more educational programmes like this to raise awareness among women.
“Women must start investing; they need to multiply their money. It is time for us to rise, educate ourselves, and take decisive action,” she stated.
Various women’s associations from multiple sectors attended the event, which was themed ‘Accelerate Action: Empowering Women through Financial Literacy and Inclusion.’
