E-Financial
Experts @ Polaris Bank Webinar Outline Strategies for Women to Build Wealth
Three accomplished Nigerians and leading authorities in government and finance sectors; Yewande Sadiku, Osayi Alile and Teju Abisoye have jointly enjoined Nigerian women to explore multiple investment opportunities available to build a sustainable wealth that would last generations.
The trio gave the advice at a webinar organised by Polaris Bank on Tuesday in Lagos as part of activities lined up to celebrate the Women’s Month in line with the International Women’s Day celebration with the theme #choosetochallenge.
The webinar which held under the aegis of the Bank’s gender-based product, Polaris Pearl, focused on understanding the role of investment in wealth creation and the importance of taking financial responsibility.
According to Ms. Sadiku, executive secretary of Nigerian Investment Promotion Commission (NIPC), “For women to attain financial fitness, they have to build passive income and focus on multiple investment streams to realise the future of their dreams”.
Drawing a metaphor, the NIPC Boss and erstwhile senior Investment Banker explained that “In building passive income, you shouldn’t eat your seed, rather, plant it and let it grow to a tree, so you can have many more to eat, plant and grow”.
Using personal examples to illustrate how she built her wealth starting out as a young Banker at age 20, Ms. Sadiku explained that she seized the moment and had a vision of the life she wanted to live and started building passive income through multiple investment windows; setting aside a chunk of her earnings in buying stocks, investing in mutual funds as well as putting away her bonuses and salary increments in fixed deposits, which she later invested in landed properties and real estate.
On her own part, Ms. Alile, who runs Aspire Coronation Trust Foundation, tasked Nigerian women to start saving from the moment they become conscious of the need to attain financial fitness. She urged them not to be in unnecessary competition that brings little or no value in the long run.
“Follow your lane and build a solid foundation that will stand the test of time especially when challenges come”, Ms. Alile advised.
She further reinforced the advantage of starting out children on a solid financial foundation with gifts – in form of stocks and mutual funds – just like she had while growing up, which helped set her up on the right path.
She encouraged participants to start their financial fitness journey now and get help where needed.
In her own presentation, Mrs. Abisoye, the CEO of Lagos State Employment Trust Fund, said that at LSTEF, they observed that women-run businesses have a larger impact on the community and society; adding that it is possible for women businesses to drive impact, making a case for empowering women for greater and more widespread economic impact.
She advised young ladies – either in paid or self-employment to start with the end in mind, stating that: “Once you begin with the end in mind, you are bound to succeed ultimately, even as she disclosed that there are multiple sources to fund a Start-Up as a budding entrepreneur.”
“You can grow wealth irrespective of employment status. You can start out with your personal savings and seed money from family and friends. She enjoined participants to start and grow their businesses before exploring the debt financing option. She further encouraged start-ups to use the acronym: S-service, I-impact, S-sales and I-investment as a mantra to ensure success as the eventual outcome.
Earlier in his welcome address, Mr. Innocent C. Ike, acting managing director/CEO of Polaris Bank, explained that that the webinar was put together to address pertinent issues that border on ‘Women and Growing Wealth’.
Mr. Ike noted that women empowerment and development is core to our sustainability goals and a key focus area of “our social investments and business objective as a Bank. We have had some interventions in this area for impact”.
“Our partnership with the International Women’s Society, Lagos State Ministry of Women Affairs and Poverty Alleviation, Societal Healthcare Organisation, and a host of others, are all efforts geared towards empowerment of women,” he added.
The webinar which had over 1,000 participants following across multiple social platforms, was moderated by Mrs. Adebimpe Ihekuna, group head, Products and Market Development, Polaris Bank.
According to 2018 Credit Suisse Research Institute Global Wealth Report, women hold 40% of global wealth. The report stated that women’s share in wealth rose considerably over the 20th century.
Polaris Pearl is the Bank’s flagship gender-based product designed to cater to the banking needs of the everyday woman, with special focus on Professionals, Entrepreneurs and Homemakers.
The account is available in three (3) variants; Polaris Pearl Instant Account, Polaris Pearl Instant Plus Account and Polaris Pearl Account – Savings.
Polaris Bank is a future-determining Bank committed to delivering industry-defining products and services across all sectors of the Nigerian economy.
Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
Mr Thompson Sunday, managing director and chief executive, NDIC, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System (NIBBS) and customers’ Bank Verification Numbers (BVN) for the payments.
He said the NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
He said the NDIC automatically became the provisional liquidator after the revocation, in line with the law.
Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.
He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.
Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of the NDIC’s prompt reimbursement efforts.
He said insured depositors of Heritage Bank were paid within four days of the revocation of its licence.
He added that customers of Aso Savings and Union Homes received payments within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria (CBN) revoked the banks’ licences for failing to meet regulatory requirements for continued operations.
The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.
Mr Taiwo Oyedele, minister of Finance and Coordinating Minister of the Economy, has warned that fear, rumours and misinformation could trigger instability in the banking sector if not properly managed.
Mr Taiwo Oyedele, minister of Finance and Coordinating Minister of the Economy
Oyedele gave the warning in Abuja at the 2026 International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) Annual Meeting and Workshop, with the theme: “Safeguarding Stability: Public Awareness and Crisis Readiness for a Stronger Future.”
The minister said public confidence remained the foundation of every stable financial system, stressing that panic triggered by false information could create liquidity challenges even for financially sound institutions.
According to him, “there can be no economic growth without financial system stability, and there can be no financial stability without public trust.”
He explained that in the digital age, misinformation could spread rapidly across social media platforms, causing depositors to react out of fear.
“Public trust is fragile. In the digital age, rumours and misinformation can spread across social platforms in seconds, creating liquidity shocks even for solvent institutions,” Oyedele said.
He stressed that building public awareness should not be viewed as a public relations activity, but as a key risk management strategy capable of protecting depositors and strengthening the financial system.
Oyedele noted that deposit insurance had evolved beyond a mechanism for handling bank failures, describing it as a strategic tool for promoting confidence and economic stability.
He said effective crisis preparedness required clear frameworks, communication channels, simulation exercises and coordination among financial sector regulators before emergencies occur.
“Preparedness is not an event, it is a culture,” he said, adding that the strongest crisis response was one that prevented panic from occurring in the first place.
Highlighting Nigeria’s financial sector reforms, the minister said the country’s banking recapitalisation exercise, concluded in March 2026, strengthened the resilience of banks.
He disclosed that 33 out of Nigeria’s 37 banks met the new capital requirements, raising a combined N4.65 trillion in fresh capital, with over 70 per cent sourced from domestic investors.
Oyedele said a better-capitalised banking system would be better positioned to absorb shocks, sustain lending and reduce pressure on the deposit insurance fund.
He also pointed to Nigeria’s removal from the Financial Action Task Force (FATF) grey list in October 2025 as another milestone that strengthened confidence in the country’s financial system.
Also speaking, Mr Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), said public awareness and crisis preparedness were central to maintaining financial stability.
Represented by Solaja Olayemi, director, Other Financial Institutions Supervision Department represented, Cardoso said financial systems globally were undergoing rapid transformation due to technological innovation, digital finance, changing consumer behaviour and increasing market interconnectedness.
According to him, while these developments create opportunities, they also introduce new risks that require stronger cooperation among financial safety-net institutions.
The CBN boss warned that misinformation could spread quickly through digital channels, amplifying depositor reactions and creating potential threats to financial stability.
He added that institutions must continuously strengthen crisis management frameworks, operational resilience and coordination mechanisms to respond effectively to emerging challenges.
The apex bank governor also highlighted the impact of Nigeria’s banking sector recapitalisation policy, saying stronger capital buffers would reduce the likelihood of bank failures and reinforce depositor confidence.
“No single institution can safeguard financial stability in isolation. It is through the coherence and complementarity of this institutional relationship that Nigeria’s financial safety net derives its strength,” he noted.
Earlier, Mr Thompson Sunday, managing director/chief executive officer, Nigeria Deposit Insurance Corporation (NDIC), said confidence remained the most valuable asset in any financial system.
The NDIC boss said trust could take years to build but could be lost quickly if stakeholders perceived uncertainty or instability. He said deposit insurers must ensure that the public understands and trusts existing protection frameworks during both normal periods and times of crisis.
He noted that the 2023 global banking turmoil highlighted the need for institutions to invest in crisis simulation exercises, contingency planning and effective communication strategies.
According to him, the NDIC has continued to strengthen its operational readiness through improved depositor reimbursement systems, public awareness initiatives and enhanced crisis management capabilities.
European Union (EU) has warned the public against a fraudulent document circulating online which falsely claims that the bloc, in collaboration with the World Bank, is offering compensation to individuals whose funds are allegedly trapped in banks and financial institutions across West Africa.
In a statement issued on Wednesday in Abuja, the EU Delegation to Nigeria and ECOWAS described the purported compensation programme as a scam, stressing that neither the European Union nor the World Bank is involved in any such initiative.
The fake document, fraudulently attributed to Thérèse Blanchet, secretary-general of the Council of the European Union, claimed that a special EU-World Bank recovery programme has been established to compensate citizens of Europe and other countries whose legally transferred funds were allegedly withheld by banks in the region.
It also falsely stated that the EU Ambassador to Nigeria and ECOWAS has been mandated to supervise the compensation exercise and directs potential claimants to contact him for processing.
However, the EU categorically dismissed the claims, describing every aspect of the document as fabricated.
“The document in its entirety is a scam. The information and claims contained therein are false. The European Union is neither aware of any such bogus programme nor part of it,” the Delegation stated.
The EU further disclosed that the email addresses and telephone numbers listed in the fraudulent document, purportedly belonging to Ms. Blanchet and Ambassador Gautier Mignot, EU Ambassador to Nigeria and ECOWAS, , are fake and are being used by fraudsters to deceive unsuspecting victims.
The Delegation urged members of the public to ignore the fraudulent claims and avoid engaging with anyone promoting the scheme.
It emphasized that all official announcements from the European Union Delegation to Nigeria and ECOWAS are published exclusively through its official website and verified social media platforms.
The warning comes amid increasing cases of cyber-enabled financial fraud in which criminal syndicates impersonate international organisations, government institutions and senior officials to lure victims into paying fictitious processing fees or divulging sensitive personal and financial information.
The EU reiterated its commitment to combating fraud and misinformation while urging citizens to remain vigilant against scams exploiting the names and identities of reputable international institutions.
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