Nigeria has unveiled a groundbreaking anti-fraud framework with the official launch of the ISO 37003:2025 Fraud Control Management Systems standard, in partnership with the British Standards Institution (BSI).
The landmark initiative, coordinated by the Standards Organisation of Nigeria (SON), was launched in Abuja by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, represented by Jachinma Agu, deputy director of reforms.
Oduwole described the standard as more than just another regulation, but a “collective resolve to shield Nigeria’s economy from fraud — a hidden tax on development.”
“Fraud increases the cost of doing business, erodes investor confidence, stifles innovation, and undermines public trust,” she said.
According to the minister, ISO 37003:2025 equips organisations to identify fraud risks, apply proportionate controls, detect illicit activities, and respond swiftly to incidents. She urged both government agencies and private firms to adopt the framework as a signal of transparency and competitiveness.
“For SMEs, adoption should be seen as a strategic investment,” she stressed. “A certified fraud control system is a badge of honour and a competitive edge that attracts financiers and partners.”
The federal government, she assured, will support adoption through awareness campaigns, training, and compliance guidance.
SON director-general, Ifeanyichukwu Okeke, called the launch a “historic milestone,” recalling Nigeria’s key role in drafting the standard through ISO Technical Committee 309, Working Group 8.
“By adopting ISO 37003, Nigeria is strengthening accountability in governance and competitiveness in business. It is a tool to reduce leakages, restore confidence, and attract foreign investment,” Okeke said, stressing that implementation requires collective commitment from government, industry, and civil society.
David Adams of BSI hailed the development as a world-first fraud control standard and a landmark in global governance.
“Fraud is intentional harm with devastating effects on economies and lives. That is why we say: do it once, do it right, and do it in ISO,” Adams noted, revealing plans for joint webinars, surveys, and stakeholder consultations to drive adoption, alongside new ISO work on anti–money laundering standards.
The launch attracted senior officials from the EFCC, ICPC, NFIU, UNODC, and other key stakeholders.
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