The Federal Government on Tuesday inaugurated the ISO 37003:2025 Fraud Control Management Systems to strengthen business integrity and boost investor confidence in Nigeria.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, represented by Mrs Jachinma Agu, Deputy Director Reforms at the ministry, performed the inauguration in Abuja.
Oduwole described the initiative as a landmark step in aligning Nigeria’s economic reforms with the “Renewed Hope Agenda” of President Bola Ahmed Tinubu’s administration.
The minister, who described the standard as a hidden tax on development, said it would help tackle fraud.
According to her, fraud increases the cost of doing business, erodes investor confidence and undermines innovation.
“The ISO 37003:2025 is a globally recognised framework designed to help public and private organisations assess fraud risks, implement preventive measures and respond effectively to incidents.
“This standard is not just another regulation; it is a comprehensive benchmark that transforms fraud control from a matter of chance to a matter of systematic design,” she said.
Oduwole urged ministries, departments and agencies to lead by example in adopting the standard, emphasising that its implementation in the public sector would enhance transparency and improve service delivery.
The minister also called on captains of industry to view adoption of the standard not as a cost but as “a strategic investment in reputation, operational efficiency and long-term sustainability”.
She assured that the Federal Government, working through the Standards Organisation of Nigeria (SON), would support awareness campaigns, implementation, and training on the framework.
She added that the adoption of the fraud control standard would boost Nigeria’s competitiveness, attract foreign direct investment and help build a resilient economy.
“Today, we are planting a tree of integrity whose roots will stabilise our business environment and whose branches will bear fruits of investment, sustainable growth and shared prosperity,” she said.
Dr Ifeanyi Okeke, Director-General of SON, described the ISO 37003:2025 Fraud Control Management System as a strategic tool to promote transparency and good governance in the country.
He said the adoption marked a milestone in Nigeria’s commitment to combating fraud and corruption through structured frameworks.
Okeke explained that Nigeria played a key role in the development of the standard by serving as co-convenor and later convenor of the ISO Technical Committee 309, Working Group 8.
The SON boss said the country’s active participation placed it at the forefront of global standardisation in fraud control.
He commended the partnership with the British Standards Institution (BSI) and the support of the Foreign, Commonwealth and Development Office (FCDO), noting that the collaboration ensured the successful publication of the standard.
“The ISO 37003:2025 will help organisations prevent, detect and respond to fraud, while also embedding a culture of integrity in their operations.
“Fraud has long undermined development, discouraged investment and eroded public trust.
“For the public sector, the standard will enhance transparency, reduce leakages and restore confidence. For the private sector, it will be a mark of integrity that boosts credibility with partners and investors,” he said.
