Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on public and private sector organisations in Nigeria to integrate fraud risk assessment and control into their governance structures as part of efforts to strengthen transparency and accountability.
Olukoyede made the call in Abuja on Tuesday at the launch of ISO 37003:2025 Fraud Control Management System organised by the Standards Organisation of Nigeria (SON) in collaboration with the British Standards Institution (BSI).
Delivering a keynote paper titled “Integrating Fraud Risk Assessment and Control into Governance of Organisations”, Olukoyede, who was represented by the director of Fraud Risk Assessment and Control of the anti-graft Commission, Commander of the EFCC, CE Ibrahim Shazali, described fraud as “a pervasive and complex issue that inflicts significant financial losses and reputational damage on organisations,” stressing that its impact could cripple the capacity of institutions to achieve their mandate.
According to him, “Fraud Risk Assessments provide an opportunity for identifying, analysing and mitigating the effects of fraud risks in organisations. Fraud is a multifaceted threat that includes, but is not limited to, asset misappropriation, corruption, and fraudulent financial statements. Recognizing these diverse forms and their potential sources within and outside the organization is essential for implementing adequate fraud controls.”
Speaking on the relevance of the new standard, the EFCC chairman noted that ISO 37003:2025 provides a globally recognised framework for fraud control management systems, enabling organisations to prevent, detect, and respond to fraud systematically and sustainably.
The EFCC chairman, while speaking on the organisation’s commitment to the anti-fraud campaign, isclosed that in 2024 the commission established the Department of Fraud Risk Assessment and Control (DFRAC), with a mandate to conduct fraud risk assessments across ministries, departments and agencies of government (MDAs).
“DFRAC’s primary objective is to identify potential fraud risks and vulnerabilities in MDAs and put in place ethics and integrity programmes that restore the efficacy of control measures in such organisations. We have found that institutionalizing controls like segregation of roles, adherence to approval limits, cybersecurity measures, transparency in operations, confidential disclosure arrangements, and routine targeted awareness programmes are effective in improving governance, risk and compliance frameworks,” he added.
While assuring that the commission will extend the initiatives to sub-national levels, the EFCC chairman stressed the importance of inter-agency collaboration in fraud prevention.
“Fraud prevention is a collective responsibility. Our partnership with ISO and SON is crucial in promoting international best practices in fraud prevention and control. By sharing knowledge, expertise, and resources, organisations can strengthen their defences against fraud and promote a culture of integrity and transparency,” he stated.
