The Federal Government has launched the ISO 37003:2025 Fraud Control Management Systems to enhance business integrity and boost investor confidence in Nigeria.
This initiative aims to provide a globally recognized framework for organizations to assess fraud risks, implement preventive measures, and respond effectively to incidents.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the standard as a “strategic tool to promote transparency and good governance in the country”. She emphasized that the initiative aligns with President Bola Ahmed Tinubu’s “Renewed Hope Agenda” and would help tackle fraud, which increases the cost of doing business, erodes investor confidence, and undermines innovation.
The ISO 37003:2025 standard will help organizations prevent, detect, and respond to fraud while embedding a culture of integrity in their operations. Dr. Ifeanyi Okeke, Director-General of the Standards Organisation of Nigeria (SON), said the widespread application of the standard would improve Nigeria’s global rankings, attract investment, and strengthen the Renewed Hope Agenda.
According to Dr. Oduwole, “Today, we are planting a tree of integrity whose roots will stabilize our business environment and whose branches will bear fruits of investment, sustainable growth, and shared prosperity.” The minister urged ministries, departments, and agencies to lead by example in adopting the standard, emphasizing that its implementation in the public sector would enhance transparency and improve service delivery.
The Standards Organisation of Nigeria (SON) will drive effective implementation of the standard through awareness campaigns, training, and a credible certification scheme. SON Director-General, Dr. Ifeanyi Okeke, assured stakeholders that the organization would support awareness campaigns, implementation, and training on the framework.
The launch of the ISO 37003:2025 standard is expected to boost Nigeria’s competitiveness, attract foreign direct investment, and help build a resilient economy. As Dr. Okeke noted, “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.”
