Nigeria has taken a major step to fortify its fight against economic crimes with the official launch of the ISO 37003:2025 Fraud Control Management Systems standard, in partnership with the British Standards Institution (BSI). The landmark framework aims to strengthen business integrity, enhance transparency, and reassure global investors of Nigeria’s commitment to combating fraud and building a robust, accountable economy.
The launch, coordinated by the Standards Organisation of Nigeria (SON), took place in Abuja and was performed by the minister of industry, trade and investment, Dr Jumoke Oduwole, represented by Jachinma Agu, deputy director of reforms. Oduwole said the standard was designed to embed a culture of integrity across both public and private sectors, shielding the economy from the corrosive effects of fraud.
“It is not just another regulation, but a declaration of Nigeria’s collective resolve to protect its economy against fraud, which I liken to a hidden tax on development,” she said. “Fraud, in all its forms, is a corrosive agent that eats away at the fabric of our economic progress. It increases business costs, erodes investor confidence, stifles innovation, and undermines public trust.”
The minister highlighted that ISO 37003:2025 equips organisations to assess fraud risks, implement proportionate controls, detect illicit activities, and respond swiftly to incidents. She added that the standard’s adoption will signal to international investors that Nigeria is serious about governance, competitiveness, and transparency.
“By adopting this standard, Nigerian companies and government agencies show the world that Nigeria is a transparent and serious place to do business,” Oduwole said. She urged ministries, departments, agencies, and private-sector players to embed the framework into service delivery.
For small and medium-sized enterprises (SMEs), the minister stressed that early adoption should be viewed as a strategic investment rather than a burden:
“A certified fraud control system is a badge of honour and a competitive advantage. For SMEs, embracing this early will strengthen resilience and make you more attractive to financiers and partners.”
Oduwole assured that the federal government, through SON, would support awareness campaigns, training, and full implementation of the standard.
SON director-general Ifeanyichukwu Okeke described the launch as a “historic milestone” in Nigeria’s standardisation journey. He recalled that SON co-convened ISO Technical Committee 309, Working Group 8, which drafted the standard, leading Nigeria in shaping global anti-fraud governance.
“Today, we are not merely unveiling another international standard. We are adopting an instrument strengthening transparency, accountability, and good governance in Nigeria,” Okeke said. He added that public-sector adoption could reduce leakages and restore confidence, while private-sector uptake would enhance integrity, boost global rankings, and attract foreign direct investment.
He emphasised that successful implementation requires collective commitment:
“This is not a task for SON alone. It demands active engagement from government leaders, captains of industry, professional bodies, and civil society. Together, we can build a formidable wall of integrity against fraud.”
David Adams of BSI hailed ISO 37003 as the world’s first international fraud control standard and a “landmark achievement in global anti-fraud governance.”
“Fraud is an act of 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. Together, the UK and Nigeria have achieved something groundbreaking,” Adams said. He added that BSI and SON will roll out webinars, surveys, and stakeholder consultations to drive adoption, while hinting at ongoing ISO work on an anti-money laundering standard.
“The ISO 37003 was designed not to remain on the shelf but to be a practical tool that institutions, professional associations, and business operators can apply in strengthening transparency, preventing fraud, and protecting lives and resources,” Adams said.
He disclosed that the next phase will involve closer cooperation between Nigeria and the UK, including working groups, webinars, consultations, and stakeholder engagements.
“The importance of the new standard goes beyond publication—what matters most is effective implementation across organisations,” he said, assuring that both countries will continue expanding international standards to address global concerns such as money laundering.
The launch drew senior 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), and the UN Office on Drugs and Crime (UNODC) among other stakeholders.
