Securities and Exchange Commission (SEC) has revealed that women are the most affected victims of Ponzi schemes in Nigeria.

A Ponzi scheme is a fraudulent investment scheme that pays earlier investors with money from new investors.

Dr. Emomotimi Agama, drector-general, 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, Hajia Imaan Sulaiman-Ibrahim, minister of Women Affairs, 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.

Mrs. Hafsat Rufai, director of Registration, Exchanges, and Market Infrastructure, SEC, 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.

TAJBank Nigeria has forged a strategic partnership with Astana International Financial Centre (AIFC) Kazakhstan, aimed at promoting non-interest banking, boosting Nigeria’s merchandize trade with Asian countries, and improving the country’s foreign exchange (FX) earnings.

The Memorandum of Understanding (MoU) between the two institutions was formalized in Abuja, with the Ooni of Ife, Oba Enitan Ogunwusi, and other prominent dignitaries in attendance.

The MoU specifically focuses on promoting and developing non-interest banking products and services in Nigeria, in line with Islamic financial principles.

It also aims to streamline and secure the management of export proceeds, particularly for agricultural commodities like cocoa. Additionally, the agreement seeks to explore innovative financial instruments and mechanisms to enhance trade finance and provide comprehensive support to Nigerian exporters.

At the event, the Ooni of Ife commended TAJBank’s management for formalizing a strategic framework with Astana International Financial Centre, leveraging non-interest banking opportunities to benefit Nigerians, Asians, and their businesses.

He also recalled TAJBank’s remarkable efforts and achievements to deepen financial inclusion through non-interest banking model in the country over the past few years.

“I believe this MoU between TAJBank and AIFC is another initiative that I strongly feel will foster export ties between Nigeria and Kazakhstan.

“We look forward to better international trade involving cocoa and other commodities as I hear that you have the best chocolates in Kazakhstan”, Oba Ogunwusi added.

The deal further seeks to strengthen trade ties between Nigeria and Kazakhstan, as well as other Central Asian countries, by identifying opportunities for joint ventures, strategic investments, and improved trade financing. This will help drive economic cooperation and deepen regional partnerships.

Hamid Joda, Founder and Managing Director of TAJBank, emphasized that this partnership represents another significant milestone in the bank’s ongoing commitment to support Nigerian businesses across the country, as well as dedication to fostering growth and prosperity nationwide.

“We are excited to have our Royal Father, the Ooni of Ife here at this event, which is a clear demonstration of his endorsement of our partnership with the AIFC.

“I assure all our customers and potential ones that TAJbank will continue to do its best to support them with world-class non-interest banking products and services”, Joda added.

In his brief remarks on the pact, Yernar Zhanadil, AIFC’s Director noted that the Islamic market, with over eight million users in Kazakhstan was still untapped.

“We can issue Ijara or Sukuk using Nigeria’s model. It has so much potential. With the Ooni’s involvement and TAJBank, I am even surer of the immense benefits of the MoU for bank customers and the economies of the two countries,” Zhanadil stated.

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across the country’s financial institutions.

Speaking at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in collaboration with Citi, on Friday, in Lagos, Special Adviser to the CBN Governor on Compliance, Shola Phillips, emphasised the need for strict adherence to global banking standards to sustain confidence in the nation’s financial sector.

“Regulators expect financial institutions to maintain dynamic, risk-based AML/Combating the Financing of Terrorism (CFT) programmes that are responsive to the evolving financial environment.

“Proactive engagement with regulatory developments and the integration of innovative compliance solutions are essential for institutions to meet these expectations effectively,” Phillips stated.

The training, attended by compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions, provided critical insights into global regulatory trends, emerging financial risks, and strategies for sustaining correspondent banking relationships.

In her remarks, Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, highlighted the critical role of robust governance frameworks in mitigating risks.

She underscored the necessity of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing illicit financial activities.

Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, provided a blunt assessment of financial crime risks, noting that over $3 trillion in illicit funds flow through the global financial system annually.

She urged financial institutions to strengthen due diligence measures, leverage technology-driven risk assessments, and uphold transparency in all transactions.

According to a statement issued by the apex bank, the workshop aligns with CBN Governor Olayemi Cardoso’s vision to uphold regulatory excellence and strengthen Nigeria’s financial system.

The statement said: “As Governor Cardoso has consistently emphasised, ‘A strong financial system is built on trust, and trust is earned through integrity and compliance.

“The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices.’

“By fostering a strong culture of compliance and strengthening risk management frameworks, the CBN aims to safeguard Nigeria’s financial sector while ensuring its resilience and credibility locally and globally.”