Nigeria has taken a serious step to fortify its battle towards financial crimes with the official launch of the ISO 37003:2025 Fraud Management Administration Methods commonplace, in partnership with the British Requirements Establishment (BSI). The landmark framework goals to strengthen enterprise integrity, improve transparency, and reassure world traders of Nigeria’s dedication to combating fraud and constructing a strong, accountable economic system.
The launch, coordinated by the Requirements Organisation of Nigeria (SON), befell in Abuja and was carried out by the minister of trade, commerce and funding, Dr. Jumoke Oduwole, represented by Jachinma Agu, deputy director of reforms. Oduwole stated the usual is designed to embed a tradition of integrity throughout each private and non-private sectors, shielding the economic system from the corrosive results of fraud.
“It isn’t simply one other regulation, however a declaration of Nigeria’s collective resolve to guard its economic system towards fraud, which I liken to a hidden tax on growth,” she stated. “Fraud, in all its varieties, is a corrosive agent that eats away on the very material of our financial progress. It will increase the price of doing enterprise, erodes investor confidence, stifles innovation, and undermines public belief.”
The minister highlighted that ISO 37003:2025 equips organisations to evaluate fraud dangers, implement proportionate controls, detect illicit actions, and reply swiftly to incidents. She added that adoption of the usual will sign to worldwide traders that Nigeria is severe about governance, competitiveness, and transparency.
“By adopting this commonplace, Nigerian corporations and authorities companies present the world that Nigeria is a clear and severe place to do enterprise,” Oduwole stated. She urged ministries, departments, companies, and private-sector gamers to embed the framework into service supply.
For small and medium-sized enterprises (SMEs), the minister confused that early adoption needs to be considered as a strategic funding reasonably than a burden:
“A licensed fraud management system is a badge of honour and a aggressive benefit. For SMEs, embracing this early will strengthen resilience and make you extra engaging to financiers and companions.”
Oduwole assured that the federal authorities, by means of SON, would assist consciousness campaigns, coaching, and full implementation of the usual.
SON director-general Ifeanyichukwu Okeke described the launch as a “historic milestone” in Nigeria’s standardisation journey. He recalled that SON co-convened ISO Technical Committee 309, Working Group 8, which drafted the usual, giving Nigeria a number one function in shaping world anti-fraud governance.
“Immediately, we’re not merely unveiling one other worldwide commonplace. We’re adopting an instrument that strengthens transparency, accountability, and good governance in Nigeria,” Okeke stated. He added that public-sector adoption may scale back leakages and restore confidence, whereas private-sector uptake would improve integrity, increase world rankings, and entice overseas direct funding.
He emphasised that profitable implementation requires collective dedication:
“This isn’t a job for SON alone. It calls for energetic engagement from authorities leaders, captains of trade, skilled our bodies, and civil society. Collectively, we are able to construct a formidable wall of integrity towards fraud.”
David Adams of BSI hailed ISO 37003 because the world’s first worldwide fraud management commonplace and a “landmark achievement in world anti-fraud governance.”
“Fraud is an act of intentional hurt with devastating results on economies and lives. That’s the reason we are saying: do it as soon as, do it proper, and do it in ISO. Collectively, the UK and Nigeria have achieved one thing groundbreaking,” Adams stated. He added that BSI and SON will roll out webinars, surveys, and stakeholder consultations to drive adoption, whereas hinting at ongoing ISO work on an anti-money laundering commonplace.
“The ISO 37003 was designed to not stay on the shelf however to be a sensible software that establishments, skilled associations, and enterprise operators can apply in strengthening transparency, stopping fraud, and defending lives and assets,” Adams stated.
He disclosed that the subsequent section will contain nearer cooperation between Nigeria and the UK, together with working teams, webinars, consultations, and stakeholder engagements.
“The significance of the brand new commonplace goes past publication—what issues most is efficient implementation throughout organisations,” he stated, assuring that each international locations will proceed increasing worldwide requirements to handle world issues equivalent to cash laundering.
The launch drew senior representatives from the Financial and Monetary Crimes Fee (EFCC), the Impartial Corrupt Practices and Different Associated Offences Fee (ICPC), the Nigeria Monetary Intelligence Unit (NFIU), and the UN Workplace on Medicine and Crime (UNODC) amongst different stakeholders.
