Abuja: The Federal Government has officially inaugurated the ISO 37003:2025 Fraud Control Management Systems, a significant move aimed at bolstering business integrity and enhancing investor confidence in Nigeria. This initiative was unveiled by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, represented by Mrs. Jachinma Agu, Deputy Director Reforms at the ministry, during a ceremony in Abuja.
According to News Agency of Nigeria, Dr. Oduwole emphasized the importance of the new standard, describing it as a crucial step in aligning Nigeria’s economic reforms with President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’. The standard is expected to be a pivotal tool in tackling fraud, which the minister identified as a hidden tax on development that elevates business costs, diminishes investor confidence, and stifles innovation.
The ISO 37003:2025 is a globally recognized framework designed to assist organizations in both the public and private sectors in assessing fraud risks, implementing preventive measures, and effectively responding to fraud incidents. Dr. Oduwole highlighted that the standard serves as a comprehensive benchmark, transforming fraud control into a systematic design rather than a matter of chance.
She urged governmental bodies and industry leaders to adopt the standard, viewing it as a strategic investment in reputation and sustainability rather than a mere cost. The Federal Government, through the Standards Organisation of Nigeria (SON), is committed to supporting the implementation of the standard through awareness campaigns and training.
Dr. Ifeanyi Okeke, Director-General of SON, described the ISO 37003:2025 Fraud Control Management System as a strategic tool for promoting transparency and good governance. Nigeria’s active role in the development of the standard, including its position as convenor of the ISO Technical Committee 309, Working Group 8, places the country at the forefront of global standardization in fraud control.
The partnership with the British Standards Institution (BSI) and support from the Foreign, Commonwealth and Development Office (FCDO) were instrumental in the successful publication of the standard. Dr. Okeke assured stakeholders of SON’s dedication to driving effective implementation through credible certification schemes and urged collective efforts from ministries, businesses, and civil society to build a robust defense against fraud.
Mr. David Adamson of BSI hailed the development and publication of ISO 37003:2025 as a landmark achievement for the global business community. He stressed the importance of effective implementation across organizations to strengthen transparency and prevent fraud, and revealed plans for further collaboration between Nigeria and the UK to expand the scope of international standards.
The widespread application of the standard in Nigeria is expected to improve the country’s global rankings, attract investment, and support the Federal Government’s Renewed Hope Agenda, ultimately fostering a resilient economy marked by integrity and innovation.