ABUJA, Sept 30 (The African Portal) – Nigeria on Tuesday launched the ISO 37003:2025 Fraud Control Management Systems, a framework officials said will strengthen business integrity and boost investor confidence.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, represented by Deputy Director of Reforms Jachinma Agu, said the initiative was a landmark step in aligning economic reforms with President Bola Tinubu’s “Renewed Hope Agenda.”
Oduwole described fraud as “a hidden tax on development” that raises the cost of doing business, undermines innovation and erodes investor confidence.
“The ISO 37003:2025 is a globally recognised framework designed to help public and private organisations assess fraud risks, implement preventive measures, and respond effectively to incidents,” she said. “This standard is not just another regulation; it is a comprehensive benchmark that transforms fraud control from a matter of chance to a matter of systematic design.”
She urged ministries, departments and agencies to lead by example in adopting the standard, adding that its use in the public sector would enhance transparency and improve service delivery.
The minister also called on business leaders to treat adoption not as a cost but as “a strategic investment in reputation, operational efficiency and long-term sustainability.”
Oduwole said the government, through the Standards Organisation of Nigeria (SON), would support awareness campaigns, training and implementation. Adoption of the framework, she added, would boost competitiveness, attract foreign investment and help build a resilient economy.
“Today, we are planting a tree of integrity whose roots will stabilise our business environment and whose branches will bear fruits of investment, sustainable growth and shared prosperity,” she said.
SON Director-General Ifeanyi Okeke described the standard as a strategic tool to promote transparency and good governance. “The adoption marks a milestone in Nigeria’s commitment to combating fraud and corruption through structured frameworks,” he said.
