FG inaugurates ISO standards for business integrity, investor confidence

The Federal Government connected Tuesday inaugurated the ISO 37003:2025 Fraud Control Management Systems to fortify concern integrity and boost capitalist assurance successful Nigeria.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole,  represented by Mrs Jachinma Agu, Deputy Director Reforms astatine the ministry,  performed the inauguration successful Abuja.

Oduwole described the inaugural arsenic a landmark measurement successful aligning Nigeria’s economical reforms with the “Renewed Hope Agenda” of President Bola Ahmed Tinubu’s administration.

The minister, who described the modular arsenic a hidden taxation connected development, said it would assistance tackle fraud.

According to her, fraud increases the outgo of doing business, erodes capitalist assurance and undermines innovation.

“The ISO 37003:2025 is simply a globally recognised model designed to assistance nationalist and backstage organisations measure fraud risks, instrumentality preventive measures and respond efficaciously to incidents.

“This modular is not conscionable different regulation; it is simply a broad benchmark that transforms fraud power from a substance of accidental to a substance of systematic design,” she said.

Oduwole urged ministries, departments and agencies to pb by illustration successful adopting the standard, emphasising that its implementation successful the nationalist assemblage would heighten transparency and amended work delivery.

The curate besides called connected captains of manufacture to presumption adoption of the modular not arsenic a outgo but arsenic “a strategical concern successful reputation, operational ratio and semipermanent sustainability”.

She assured that the Federal Government, moving done the Standards Organisation of Nigeria (SON), would enactment consciousness campaigns, implementation, and grooming connected the framework.

She added that the adoption of the fraud power modular would boost Nigeria’s competitiveness, pull overseas nonstop concern and assistance physique a resilient economy.

“Today, we are planting a histrion of integrity whose roots volition stabilise our concern situation and whose branches volition carnivore fruits of investment, sustainable maturation and shared prosperity,” she said.

Dr Ifeanyi Okeke, Director-General of SON, described the ISO 37003:2025 Fraud Control Management System arsenic a strategical instrumentality to beforehand transparency and bully governance successful the country.

He said the adoption marked a milestone successful Nigeria’s committedness to combating fraud and corruption done structured frameworks.

Okeke explained that Nigeria played a cardinal relation successful the improvement of the modular by serving arsenic co-convenor and aboriginal convenor of the ISO Technical Committee 309, Working Group 8.

The SON brag said the country’s progressive information placed it astatine the forefront of planetary standardisation successful fraud control.

He commended the concern with the British Standards Institution (BSI) and the enactment of the Foreign, Commonwealth and Development Office (FCDO), noting that the collaboration ensured the palmy work of the standard.

“The ISO 37003:2025 volition assistance organisations prevent, observe and respond to fraud, portion besides embedding a civilization of integrity successful their operations.

“Fraud has agelong undermined development, discouraged concern and eroded nationalist trust.

“For the nationalist sector, the modular volition heighten transparency, trim leakages and reconstruct confidence. For the backstage sector, it volition beryllium a people of integrity that boosts credibility with partners and investors,” helium said.

Okeke assured stakeholders that SON would thrust effectual implementation of the modular done consciousness campaigns, training, and a credible certification scheme.

He urged ministries, agencies, businesses, and civilian nine to enactment the initiative, saying a agreed effort was required to physique “a formidable partition of integrity against fraud.”

He said the wide exertion of the modular successful the state would amended the country’s planetary rankings, pull investment, and fortify the Renewed Hope Agenda of the Federal Government.

Also speaking, Mr David Adamson of BSI described the improvement and work of ISO 37003:2025 arsenic a landmark accomplishment for the planetary concern community.

Adamson commended SON’s officials and planetary partners specified arsenic Australia and commended the United Kingdom ...