Nigeria has unveiled the ISO 37003:2025 Fraud Control Management Systems standard, marking a major step in its fight against economic crimes and efforts to boost investor confidence.
The launch, held in Abuja and coordinated by the Standards Organisation of Nigeria (SON) in partnership with the British Standards Institution (BSI), was performed by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, represented by Deputy Director of Reforms, Jachinma Agu.
Oduwole described the standard as a tool to embed a culture of transparency across public and private institutions, calling fraud “a hidden tax on development” that inflates business costs, discourages investors, and erodes trust.
She explained that ISO 37003:2025 provides organizations with a framework to assess risks, implement controls, detect illicit activity, and respond effectively, while signaling to the global market that Nigeria is serious about good governance.
“For SMEs, adopting this standard is not a burden but a strategic investment,” Oduwole said.
“It is a badge of honour that strengthens resilience and makes businesses more attractive to investors and partners.”
SON Director-General Ifeanyichukwu Okeke hailed the launch as a “historic milestone,” noting Nigeria’s leading role in drafting the global standard through ISO Technical Committee 309.
He stressed that widespread adoption could reduce public-sector leakages, enhance private-sector competitiveness, and attract foreign direct investment.
BSI’s David Adams described ISO 37003 as the world’s first international fraud control standard and praised Nigeria’s role in shaping it.
“Do it once, do it right, do it in ISO,” he said, outlining plans for training, consultations, and joint Nigeria–UK initiatives to drive implementation.
The event was attended by representatives of the EFCC, ICPC, NFIU, UNODC, and other key stakeholders, underlining the broad support for the initiative.
