The Standards Organisation of Nigeria (SON), in collaboration with the British Standards Institution (BSI), on Tuesday unveiled ISO 37003:2025 to curb fraudulent practices in both the private and public sectors in Nigeria.
While launching the document in Abuja, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said:
*’This is not merely a ceremony to unveil a new document; it is a declaration of our collective commitment to transparency and accountability, fortifying the foundations of our national economy on the bedrock of integrity.
‘We recognize that fraud, in all its forms, is a corrosive agent that eats away at the very fabric of our economic progress. It increases the cost of doing business, erodes investor confidence, and stifles innovation.’*
Represented by Mrs. Agu Jachnma, Deputy Director of Reforms, the Minister explained that corruption is a hidden tax on development and *’we must confront it decisively. To build a truly resilient and competitive economy, we must move beyond reactive measures.
‘This is where the ISO 37003:2025 standard comes in. This is not just another regulation. It is a comprehensive framework, a globally recognized benchmark that provides organizations, both in the public and private sectors, with the tools and guidance to establish, implement, and continually improve a robust fraud control management system.
‘The beauty of this standard lies in its proactive approach. It guides organizations to assess their unique fraud risks, implement proportionate controls to prevent and detect fraudulent activities, and respond effectively and decisively when incidents occur.
‘By adopting this standard, Nigerian companies and government agencies signal to the world that they are committed to global best practices. It tells potential investors and trading partners that Nigeria is a serious and transparent place to do business. This standard transforms fraud control from a matter of chance to a matter of choice and systematic design,’* she stated.
In his welcome address, the Director-General of SON, Dr. Ifeanyi Okeke, emphasized that *’we are not merely unveiling another international standard, but a powerful instrument to strengthen transparency, accountability, and good governance in Nigeria.
‘This launch is the culmination of a process that began with yesterday’s pre-launch workshop, which provided a platform for robust deliberations on strategies for effective implementation of the standard. Both the workshop and today’s launch mark a watershed moment in Nigeria’s journey in international standardization.
‘We take immense pride in the fact that Nigeria, through the Standards Organisation of Nigeria (SON), played an active role from conception to publication of this standard, serving first as Co-Convenor and eventually as Convenor of ISO/Technical Committee 309 Working Group 8. This singular achievement places our nation at the forefront of global efforts in developing frameworks that address fraud in all its manifestations.’*
Okeke acknowledged SON’s invaluable partnership with the British Standards Institution (BSI), *’whose collaboration under our twinning arrangement has been instrumental in making this standard a reality.
‘Distinguished ladies and gentlemen, fraud remains a pervasive obstacle to our national development. It erodes trust, increases the cost of doing business, discourages foreign investment, and deprives our citizens of the resources needed for infrastructure and social services.’*
The DG said that for too long, responses had been fragmented and reactive. *’With ISO 37003:2025, we now embrace a proactive and structured framework for fraud prevention, detection, and response.
‘This standard provides a globally recognized framework for preventing fraudulent activities before they occur, detecting fraud efficiently when it arises, and responding decisively to ensure accountability and minimize damage. More importantly, it fosters a culture of integrity by embedding fraud prevention into the very DNA of organisational operations.
‘For the public sector, adoption of this standard will enhance transparency and accountability, reduce leakages, and rebuild public confidence. For the private sector, it will serve as a mark of integrity, signalling to partners and investors that Nigerian companies operate with the highest standards of governance.’*
Okeke stated that the Standards Organisation of Nigeria is fully committed to ensuring that this standard does not remain on paper but is implemented effectively.
‘SON will roll out awareness campaigns, provide training for implementers and auditors, and establish a credible certification scheme. However, this is not a task for SON alone. It requires the active commitment of leaders in the public sector, captains of industry, professional bodies, and civil society organisations. Together, we must build a formidable wall of integrity against fraud,’ he stated.
On his part, the representative of the British Standards Institution (BSI) said the launch of ISO 37003:2025 will go a long way in boosting investor confidence and growing Nigeria’s economy.
Stakeholders from both the private and public sectors graced the occasion.