By Jennete Ugo Anya
The federal government has inaugurated the ISO 37003:2025 Fraud Control Management Systems in a decisive move to strengthen business integrity, curb fraud, and boost investor confidence in Nigeria’s economy.
The inauguration held in Abuja recently was performed by Dr. Jumoke Oduwole, Honourable Minister of Industry, Trade and Investment, who was represented by Mrs. Jachinma Agu, Deputy Director of Reforms at the ministry.
Dr. Oduwole described the launch of the framework as a landmark in aligning Nigeria’s economic reforms with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“Fraud is a hidden tax on development. It increases the cost of doing business, erodes investor confidence, and undermines innovation,” she noted, stressing that the new standard offers a globally recognised framework for both public and private organisations to assess fraud risks, put in place preventive measures, and respond effectively to incidents.
According to her, the adoption of ISO 37003:2025 should not be seen as a burden but as “a strategic investment in reputation, operational efficiency, and long-term sustainability.” She urged ministries, departments and agencies (MDAs) to lead by example, arguing that public sector compliance would enhance transparency and improve service delivery.
The minister assured that the Standards Organisation of Nigeria (SON) would drive the roll-out through awareness campaigns, training, and implementation support. “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 stated.
SON’s Director-General, Dr. Ifeanyi Okeke, described the fraud control system as a milestone in Nigeria’s anti-corruption drive and a strategic tool to entrench transparency and good governance. He revealed that Nigeria played an instrumental role in developing the framework, first as co-convenor and later as convenor of the ISO Technical Committee 309, Working Group 8.
“Fraud has long undermined development, discouraged investment and eroded public trust. With ISO 37003:2025, organisations will be better equipped to prevent, detect and respond to fraud, embedding a culture of integrity in their operations,” Dr. Okeke said.
He also said that widespread adoption would not only improve Nigeria’s global rankings but also strengthen the President Tinubu administration’s reform agenda. SON, he assured, will back implementation with credible certification, stakeholder training, and awareness campaigns.
British Standards Institution (BSI) representative, Mr. David Adamson, welcomed the development as a landmark achievement for the global business community, crediting the UK, Nigeria, Australia, and other partners for their collaboration in bringing the standard to life.
“The importance of this standard goes beyond its publication; what matters most is its effective application across organisations,” Mr. Adamson said, noting that it was designed as a practical tool, not one to remain on the shelf. He disclosed that the next phase of collaboration between Nigeria and the UK would include working groups, webinars, and consultations to deepen adoption.
With the unveiling of ISO 37003:2025, stakeholders agree that Nigeria has signaled a strong commitment to fighting fraud, enhancing its competitiveness, and creating a more attractive environment for foreign and local investment.
