The federal government on Tuesday launched the ISO 37003:2025 Fraud Control Management Systems aimed at improving business integrity and increasing investor confidence in Nigeria.
The inauguration took place in Abuja, led 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.
Oduwole characterized this initiative as a significant advancement in aligning Nigeria’s economic reforms with the “Renewed Hope Agenda” of President Bola Tinubu’s administration.
She referred to the standard as a hidden tax on development, emphasizing its role in combating fraud.
The minister noted that fraud raises business costs, diminishes investor trust, and hinders innovation.
“The ISO 37003:2025 is an internationally recognized framework that assists both public and private organizations in assessing fraud risks, implementing preventive strategies, and effectively responding to incidents,” she explained.
“This standard is more than just a regulation; it serves as a comprehensive benchmark that shifts fraud control from being a matter of chance to one of systematic design,” she added.
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Oduwole encouraged ministries, departments, and agencies to set an example by adopting the standard, highlighting that its implementation in the public sector would promote transparency and enhance service delivery.
She also urged industry leaders to view the adoption of the standard as a strategic investment in reputation, operational efficiency, and long-term sustainability rather than a cost.
The minister assured that the federal government, in collaboration with the Standards Organisation of Nigeria (SON), would provide support for awareness campaigns, implementation, and training related to the framework.
She stated that adopting the fraud control standard would enhance Nigeria’s competitiveness, attract foreign direct investment, and contribute to building a resilient economy.
“Today, we are planting a tree of integrity whose roots will stabilize our business environment and whose branches will yield fruits of investment, sustainable growth, and shared prosperity,” she remarked.
Dr. Ifeanyi Okeke, Director-General of SON, described the ISO 37003:2025 Fraud Control Management System as a strategic tool for promoting transparency and good governance in the nation.
He noted that this adoption represents a significant milestone in Nigeria’s commitment to fighting fraud and corruption through structured frameworks.
