By Segun Adeyanju
In a move aimed at strengthening Nigeria’s business environment and restoring investor trust, the Federal Government on Tuesday inaugurated the ISO 37003:2025 Fraud Control Management Systems.
The standard, unveiled by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, represented by Mrs. Jachinma Agu, Deputy Director of Reforms seeks to align Nigeria’s economic reforms with President Bola Tinubu’s Renewed Hope Agenda by curbing fraud, reducing business risks, and improving competitiveness.
Describing fraud as a “hidden tax on development,” Oduwole said the new benchmark would help organisations cut operational costs, protect investments, and foster innovation.
She urged ministries, agencies, and the private sector to adopt the standard, stressing that it should be seen as “a strategic investment in reputation, efficiency, and long-term sustainability.”
The Director-General of the Standards Organisation of Nigeria (SON), Dr. Ifeanyi Okeke, noted that Nigeria played a central role in developing the standard through its leadership in ISO Technical Committee 309, Working Group 8.
He said the framework would help businesses detect and prevent fraud, embed a culture of integrity, and boost global confidence in Nigerian enterprises.
“Fraud has long undermined development and discouraged investment. For the private sector, this standard is a mark of credibility with partners and investors. For the public sector, it will restore transparency and accountability,” Okeke said.
International partner David Adamson of the British Standards Institution (BSI), described the standard as a “landmark achievement” for global business practice, noting that Nigeria and the UK would continue to collaborate on anti-fraud and anti-money laundering frameworks.
With SON set to roll out certification schemes, training, and awareness campaigns, the government believes widespread adoption of ISO 37003:2025 will improve Nigeria’s ease of doing business ranking, attract foreign direct investment, and build a resilient economy rooted in integrity.
