FG launches ISO 37003:2025 Fraud Control System to boost transparency, business integrity and investor confidence in Nigeria’s economy

The Federal Government has formally launched the ISO 37003:2025 Fraud Control Management System, aimed at strengthening business integrity, reducing fraud, and boosting investor confidence in Nigeria’s economic environment.

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The initiative was inaugurated on Tuesday in Abuja by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, who was represented by Mrs Jachinma Agu, Deputy Director of Reforms at the ministry.

Describing fraud as a “hidden tax on development”, the minister said the standard offers a globally recognised framework that will enable both public and private organisations to assess fraud risks, implement safeguards, and respond effectively to fraud-related incidents.

“The ISO 37003:2025 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,” said Oduwole.

She urged Ministries, Departments, and Agencies (MDAs) to lead by example in adopting the standard, stating that implementation would enhance transparency, improve service delivery, and help attract foreign direct investment.

Dr Ifeanyi Okeke, Director-General of the Standards Organisation of Nigeria (SON), called the new framework a “strategic tool” for promoting transparency and good governance.

He highlighted that Nigeria played a leading global role in the development of the standard through ISO Technical Committee 309, Working Group 8, where it served first as co-convenor and later convenor.

Okeke added that the adoption of ISO 37003:2025 will help institutions **embed a culture of integrity, noting:

“For the public sector, the standard will reduce leakages and restore confidence. For the private sector, it will be a mark of credibility that enhances trust among investors and partners.”

The SON boss praised collaboration with the British Standards Institution (BSI) and the UK’s Foreign, Commonwealth and Development Office, which helped facilitate the standard’s global rollout.

He assured that SON would drive implementation through training, public awareness campaigns, and a credible certification process.

Mr David Adamson of BSI described the publication of ISO 37003:2025 as a “landmark achievement” for the global business community and emphasised that effective implementation is key.

“The ISO 37003 was not designed to sit on a shelf but to be a practical tool to prevent fraud, protect lives, and safeguard resources,” Adamson stated.

The next phase, he noted, would include Nigeria–UK joint initiatives, including webinars, consultations, and technical working groups, to further deepen the standard’s impact.

Oduwole concluded the event by reaffirming the Federal Government’s commitment to tackling fraud, calling the launch:

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“A tree of integrity whose roots will stabilise our business environment and whose branches will bear fruits of investment, sustainable growth, and shared prosperity.”

Source: Read more at thecable.ng