Nigeria has made a significant advancement in its battle against economic fraud with the formal introduction of the ISO 37003:2025 Fraud Control Management Systems standard, developed in collaboration with the British Standards Institution (BSI). This pioneering framework is set to bolster corporate integrity, improve transparency, and assure international investors of Nigeria’s dedication to fraud prevention and the establishment of a resilient, accountable economy.
The Standards Organisation of Nigeria (SON) orchestrated the launch event held in Abuja, where the minister of industry, trade and investment, Dr. Jumoke Oduwole, was represented by Jachinma Agu, deputy director of reforms. Dr. Oduwole emphasized that this standard aims to cultivate a culture of honesty and ethical conduct within both governmental and private sectors, thereby protecting the nation’s economy from the damaging impact of fraudulent activities.
“This is more than just a regulatory measure; it represents Nigeria’s unified commitment to safeguarding its economic development from fraud, which I consider a covert levy on progress,” she remarked. “Fraud undermines economic growth by inflating operational costs, diminishing investor trust, hindering innovation, and eroding public confidence.”
The minister further explained that ISO 37003:2025 empowers organizations to identify fraud risks, apply appropriate controls, detect unlawful conduct, and respond promptly to incidents. She noted that embracing this standard will send a clear message to global investors about Nigeria’s seriousness regarding governance, competitiveness, and openness.
“By implementing this standard, Nigerian enterprises and government bodies demonstrate to the international community that Nigeria is a transparent and reliable business environment,” Oduwole stated. She encouraged all ministries, agencies, and private sector entities to integrate the framework into their operational processes.
Addressing small and medium-sized enterprises (SMEs), the minister highlighted that early adoption should be seen as a strategic advantage rather than a challenge:
“Achieving certification in fraud control is a mark of distinction and a competitive edge. For SMEs, adopting this standard early will enhance resilience and increase appeal to investors and collaborators.”
Oduwole assured that the federal government, through SON, will facilitate awareness initiatives, training programs, and comprehensive implementation support for the standard.
SON’s director-general, Ifeanyichukwu Okeke, described the launch as a “momentous achievement” in Nigeria’s standardization efforts. He recalled Nigeria’s pivotal role in co-leading ISO Technical Committee 309, Working Group 8, which developed the standard, positioning the country at the forefront of global anti-fraud governance.
“Today, we are not simply unveiling another international standard; we are adopting a powerful tool that enhances transparency, accountability, and sound governance in Nigeria,” Okeke stated. He added that public sector adoption could minimize financial leakages and rebuild trust, while private sector implementation would improve integrity, elevate Nigeria’s global standing, and attract foreign direct investment.
He stressed that the success of this initiative depends on a united effort:
“This responsibility extends beyond SON. It requires active participation from government officials, industry leaders, professional organizations, and civil society. Together, we can establish a strong defense against fraud.”
David Adams from BSI praised ISO 37003 as the world’s inaugural international fraud control standard and a “groundbreaking milestone in global anti-fraud governance.”
“Fraud is a deliberate act of harm with severe consequences for economies and individuals. That’s why we advocate: do it once, do it correctly, and do it with ISO. The collaboration between the UK and Nigeria has produced something truly innovative,” Adams remarked. He revealed plans for BSI and SON to conduct webinars, surveys, and stakeholder engagements to promote adoption, while also mentioning ongoing ISO efforts to develop an anti-money laundering standard.
“ISO 37003 was created to be a practical resource, not just a document on a shelf. It is designed for institutions, professional bodies, and businesses to enhance transparency, prevent fraud, and safeguard resources and lives,” Adams explained.
He also shared that the next steps will involve deeper collaboration between Nigeria and the UK, including working groups, webinars, consultations, and stakeholder involvement.
“The true value of this standard lies in its effective application across organizations,” he emphasized, assuring that both nations will continue to expand international standards addressing global challenges such as money laundering.
The event attracted high-level representatives from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Financial Intelligence Unit (NFIU), the United Nations Office on Drugs and Crime (UNODC), and other key stakeholders.
