Nigeria Launches Landmark ISO Standard to Bolster Anti-Fraud Framework
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 […]