By Oso Abidemi<\/p>\n
The Federal Government has introduced the ISO 37003:2025 Fraud Control Management Systems as part of efforts to strengthen business integrity, reduce risks, and boost investor confidence in Nigeria\u2019s economy.<\/p>\n
The standard was inaugurated in Abuja by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, represented by Mrs. Jachinma Agu, Deputy Director of Reforms at the ministry.<\/p>\n
According to Oduwole, fraud remains a \u201chidden tax on development,\u201d raising the cost of doing business, eroding trust, and discouraging innovation.<\/p>\n
She described ISO 37003:2025 as a globally recognised benchmark designed to help public and private organisations assess fraud risks, establish preventive systems, and respond effectively to incidents.<\/p>\n
\u201cThis is not just another regulation,\u201d she said. \u201cIt is a strategic investment in reputation, operational efficiency, and long-term sustainability.\u201d<\/p>\n
The Minister urged ministries, departments, agencies, and corporate leaders to adopt the standard, stressing that its implementation would enhance transparency, improve Nigeria\u2019s global competitiveness, and contribute to President Bola Tinubu\u2019s Renewed Hope Agenda.<\/p>\n
Director-General of the Standards Organisation of Nigeria (SON), Dr. Ifeanyi Okeke, said Nigeria played a leading role in the development of the standard through its work in ISO Technical Committee 309, Working Group 8.<\/p>\n
He noted that widespread adoption would embed a culture of integrity, boost private sector credibility, and attract foreign direct investment.<\/p>\n
\u201cFor businesses, this framework is a mark of integrity that reassures investors and partners. For government, it helps reduce leakages and strengthens public trust,\u201d Okeke stated, assuring that SON would provide certification, training, and awareness campaigns to drive compliance.<\/p>\n
International development partners, including the British Standards Institution (BSI) and the UK Foreign, Commonwealth and Development Office (FCDO), supported the standard\u2019s publication. David Adamson of BSI described the initiative as a \u201clandmark achievement\u201d that places Nigeria at the forefront of global anti-fraud practices.<\/p>\n
He emphasised that the real impact would come from implementation, with Nigeria and the UK set to deepen cooperation through working groups, stakeholder consultations, and webinars.<\/p>\n
With the rollout of ISO 37003:2025, Nigeria aims to create a more transparent and competitive market environment, positioning the country as an attractive destination for both domestic and foreign investment.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Oso Abidemi The Federal Government has introduced the ISO 37003:2025 Fraud Control Management Systems as part of efforts to strengthen business integrity, reduce risks, and boost investor confidence in Nigeria\u2019s economy. The standard was inaugurated in Abuja by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, represented by Mrs. Jachinma Agu, Deputy […]<\/p>\n","protected":false},"author":29,"featured_media":75913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-75910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/75910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=75910"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/75910\/revisions"}],"predecessor-version":[{"id":75914,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/75910\/revisions\/75914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/75913"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=75910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=75910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=75910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}