The Federal Government has inaugurated the ISO 37003:2025 Fraud Control Management System, a globally recognised framework aimed at curbing fraud, improving business integrity, and boosting investor confidence in Nigeria’s economy.
The inauguration ceremony took place on Tuesday in Abuja and was performed 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.
In her remarks, Oduwole described the launch as “a landmark step in aligning Nigeria’s economic reforms with President Bola Tinubu’s Renewed Hope Agenda.”
A Milestone for Economic Integrity
She emphasised that the introduction of the standard would play a crucial role in tackling fraud, which she described as “a hidden tax on development.”
“Fraud increases the cost of doing business, erodes investor confidence and undermines innovation,” Oduwole said.
“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.”
According to her, the new framework transforms fraud prevention from “a matter of chance to a matter of systematic design.”
The minister urged ministries, departments, and agencies (MDAs) to lead by example in adopting the standard, noting that its implementation within the public sector would enhance transparency and improve service delivery.
She also called on private sector leaders to see the standard not as an additional cost but as “a strategic investment in reputation, operational efficiency and long-term sustainability.”
“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,” Oduwole stated.
Strengthening Governance and Investor Confidence
Dr. Ifeanyi Okeke, Director-General of the Standards Organisation of Nigeria (SON), said the ISO 37003:2025 Fraud Control Management System represents a “strategic tool for promoting transparency and good governance.”
He highlighted that Nigeria played a significant role in the development of the standard, serving first as co-convenor and later as convenor of the ISO Technical Committee 309, Working Group 8.
“The ISO 37003:2025 will help organisations prevent, detect, and respond to fraud while embedding a culture of integrity in their operations,” Okeke explained.
“Fraud has long undermined development, discouraged investment, and eroded public trust. For the public sector, this standard will enhance transparency and reduce leakages, while for the private sector, it will serve as a mark of integrity that boosts credibility with investors.”
Okeke commended the British Standards Institution (BSI) and the UK’s Foreign, Commonwealth and Development Office (FCDO) for their collaboration, saying their partnership was instrumental to the successful publication of the standard.
He assured stakeholders that SON would ensure effective implementation through awareness campaigns, training, and a credible certification scheme.
“We must build a formidable wall of integrity against fraud,” he said. “The widespread application of this standard will strengthen the Renewed Hope Agenda, attract investments, and improve Nigeria’s global competitiveness.”
Global Recognition and Collaboration
Mr. David Adamson of the British Standards Institution (BSI) described the standard’s development as a “landmark achievement for the global business community.”
He praised Nigeria and the United Kingdom for their leadership roles, noting that the ISO 37003:2025 is not meant to be a theoretical document but a practical tool for fighting fraud and promoting transparency.
“The importance of this new standard goes beyond publication,” Adamson said.
“What matters most is its effective implementation across organisations. The ISO 37003 is designed to be a practical framework that institutions, professional associations, and businesses can apply to strengthen transparency, prevent fraud, and protect lives and resources.”
What You Should Know
- In August, the Central Bank of Nigeria (CBN) issued a fresh directive mandating all participants in the country’s payment ecosystem to complete migration to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025.
- In a circular published on its official website, the apex bank reminded Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Mobile Money Operators (MMOs), Switching and Processing Companies, Payment Terminal Service Providers (PTSPs), Payment Solution Service Providers (PSSPs), Super Agents, and other licensed operators that ISO 20022 is now the global benchmark for payments messaging.
