1 month ago
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Nigeria has taken a large measurement to fortify its combat against economical crimes with the authoritative motorboat of the ISO 37003:2025 Fraud Control Management Systems standard, successful concern with the British Standards Institution (BSI). The landmark model aims to fortify concern integrity, heighten transparency, and reassure planetary investors of Nigeria’s committedness to combating fraud and gathering a robust, accountable economy.
The launch, coordinated by the Standards Organisation of Nigeria (SON), took spot successful Abuja and was performed by the curate of industry, commercialized and investment, Dr. Jumoke Oduwole, represented by Jachinma Agu, lawman manager of reforms. Oduwole said the modular is designed to embed a civilization of integrity crossed some nationalist and backstage sectors, shielding the system from the corrosive effects of fraud.
“It is not conscionable different regulation, but a declaration of Nigeria’s corporate resoluteness to support its system against fraud, which I liken to a hidden taxation connected development,” she said. “Fraud, successful each its forms, is simply a corrosive cause that eats distant astatine the precise cloth of our economical progress. It increases the outgo of doing business, erodes capitalist confidence, stifles innovation, and undermines nationalist trust.”
The curate highlighted that ISO 37003:2025 equips organisations to measure fraud risks, instrumentality proportionate controls, observe illicit activities, and respond swiftly to incidents. She added that adoption of the modular volition awesome to planetary investors that Nigeria is superior astir governance, competitiveness, and transparency.
“By adopting this standard, Nigerian companies and authorities agencies amusement the satellite that Nigeria is simply a transparent and superior spot to bash business,” Oduwole said. She urged ministries, departments, agencies, and private-sector players to embed the model into work delivery.
For tiny and medium-sized enterprises (SMEs), the curate stressed that aboriginal adoption should beryllium viewed arsenic a strategical concern alternatively than a burden:
“A certified fraud power strategy is simply a badge of honour and a competitory advantage. For SMEs, embracing this aboriginal volition fortify resilience and marque you much charismatic to financiers and partners.”
Oduwole assured that the national government, done SON, would enactment consciousness campaigns, training, and afloat implementation of the standard.
SON director-general Ifeanyichukwu Okeke described the motorboat arsenic a “historic milestone” successful Nigeria’s standardisation journey. He recalled that SON co-convened ISO Technical Committee 309, Working Group 8, which drafted the standard, giving Nigeria a starring relation successful shaping planetary anti-fraud governance.
“Today, we are not simply unveiling different planetary standard. We are adopting an instrumentality that strengthens transparency, accountability, and bully governance successful Nigeria,” Okeke said. He added that public-sector adoption could trim leakages and reconstruct confidence, portion private-sector uptake would heighten integrity, boost planetary rankings, and pull overseas nonstop investment.
He emphasised that palmy implementation requires corporate commitment:
“This is not a task for SON alone. It demands progressive engagement from authorities leaders, captains of industry, nonrecreational bodies, and civilian society. Together, we tin physique a formidable partition of integrity against fraud.”
David Adams of BSI hailed ISO 37003 arsenic the world’s archetypal planetary fraud power modular and a “landmark accomplishment successful planetary anti-fraud governance.”
“Fraud is an enactment of intentional harm with devastating effects connected economies and lives. That is wherefore we say: bash it once, bash it right, and bash it successful ISO. Together, the UK and Nigeria person achieved thing groundbreaking,” Adams said. He added that BSI and SON volition rotation retired webinars, surveys, and stakeholder consultations to thrust adoption, portion hinting astatine ongoing ISO enactment connected an anti-money laundering standard.
“The ISO 37003 was designed not to stay connected the support but to beryllium a applicable instrumentality that institutions, nonrecreational associations, and concern operators tin use successful strengthening transparency, preventing fraud, and protecting lives and resources,” Adams said.
He disclosed that the adjacent signifier volition impact person practice betwixt Nigeria and the UK, including moving groups, webinars, consultations, and stakeholder engagements.
“The value of the caller modular goes beyond publication—what matters astir is effectual implementation crossed organisations,” helium said, assuring that some countries volition proceed expanding planetary standards to code planetary concerns specified arsenic wealth laundering.
The motorboat drew elder representatives from the Economic and Financial Crimes Com...
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