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SEC calls for greater financial independence for women

By on March 9, 2013

The Security and Exchange Commission (SEC) on Friday called for financial and economic empowerment for women to enable them face social and cultural challenges.

The Director-General of the commission Ms. Arunma Oteh, made the call during the financial empowerment forum for women to commemorate the International Women’s Day with the theme: “Enabling Women’s Financial Inclusion’’.

Oteh stressed the importance of empowering women economically to enable them cope with the various challenges they were faced with.

She said, “Here in Nigeria, women’s right to financial and economic empowerment is very important to us; women are facing enormous social and cultural challenges. Yet, there is no doubt that many of the cultural challenges women face today can be overcome through greater financial independence.’’

Oteh said that the commission hoped to enhance retail investor participation in the Nigerian capital market by unlocking the huge potentials, which Nigeria’s female population represented.

The director-general said that the commission appreciated the immense influence women had on household finances and by extension that of the larger society.

She said, “This realisation informs our decision at the SEC to leverage this year’s event, to specially focus on economic empowerment of women and girls through savings and investment.

Oteh said that the capital market provided the opportunity for women to acquire education for economic and financial empowerment.

She said that women constituted half of the world’s population and represented 45 per cent of African’s population and 49 per cent of Nigerian population.

“Any nation that is not thinking about its women is obviously not going to grow as much as it should grow.

“Empowering women in our opinion is one of the fastest ways to enable comparativeness and prosperity of a nation.

“Yet not enough is being done, yet everyone talks about the fact that if you adequately equip women, it means you can accelerate the prosperity of your nation.’’

Oteh said any nation that wanted to become an economic power house must pay attention to all its population.

According to her, the commission offers products like, collective investment schemes, Islamic, bond, equity and money market funds.

Mrs. Nimi Akinkugbe, Founder and CEO, Bestman Games Ltd. said that the lack of proper planning had affected women in managing their homes.

Akinkugbe advised women to plan according to their finances, rather than focusing on what others were doing.

She urged them to identify where their money went to, avoid societal pressure and ensure their money were spent on important things, like children’s education and investment.

Akinkugbe warned them to desist from being influenced by people around them, as such acts might lead them into trouble.

Mrs. Felicia Sani, President Market Women Association, called on the Federal Government to empower women, as it would improve the economy of the nation.

Sani said that women had learnt a lot from the forum as the day was not just for celebration, but for education too.

“Some of us do not know anything about insurance, but learnt about it and the importance of savings and investment here today,’’ Sani said.

 

[Daily Times]