Nigeria has taken a significant step in its battle against economic crime with the launch of ISO 37003:2025 — Fraud Control Management Systems, in collaboration with the British Standards Institution (BSI).
This groundbreaking framework is intended to bolster transparency, integrity, and investor confidence in both public and private sectors.
The launch ceremony, held in Abuja, was organized by the Standards Organisation of Nigeria (SON).
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole (represented by Jachinma Agu, Deputy Director of Reforms), declared that the new standard is more than a regulation—it is a statement of Nigeria’s resolve to shield its economy from the corrosive influence of fraud.
According to Oduwole, ISO 37003:2025 will help organizations: assess fraud risks; implement proportionate control mechanisms; detect illicit activities promptly and respond quickly to incidents.
She emphasized that adopting the standard sends a clear message to international investors that Nigeria is committed to good governance, competitiveness, and accountability.
For small and medium enterprises (SMEs), the minister urged seeing compliance not as a burden, but as a strategic investment. Early adoption, she said, can enhance resilience and make firms more appealing to financiers and partners.
Oduwole further pledged that the federal government, via SON, will support awareness campaigns, training, and full rollout of the standard across sectors.
SON’s Director-General, Ifeanyichukwu Okeke, described the launch as a “historic milestone” for Nigeria’s standardization journey. He noted that SON played a key role in co-convening the ISO Technical Committee (TC 309, Working Group 8) which drafted the standard—giving Nigeria influence in shaping global anti-fraud policy.
Okeke said that public sector uptake could reduce wastage and restore public trust, while private sector adoption would raise integrity, improve global rankings, and attract foreign direct investment. But he also stressed that success depends on a collective effort: from government, industry leaders, regulators, professional bodies, and civil society.
Representing BSI, David Adams hailed ISO 37003 as the world’s first international fraud control standard and applauded the partnership with Nigeria. He remarked that the standard was designed for practical use, not to gather dust, and pledged ongoing collaborations—webinars, stakeholder engagements, and consultations—to promote adoption.
The event was attended by senior representatives from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), the Nigeria Financial Intelligence Unit (NFIU), and the United Nations Office on Drugs and Crime (UNODC), among others.
