Nigeria has taken a major step to fortify its fight against economic crimes with the official launch of the ISO 37003:2025 Fraud Control Management Systems standard, in partnership with the British Standards Institution (BSI).
The landmark framework aims to strengthen business integrity, enhance transparency, and reassure global investors of Nigeria’s commitment to combating fraud and building a robust, accountable economy.
The launch, coordinated by the Standards Organisation of Nigeria (SON), took place in Abuja and was performed by the minister of industry, trade and investment, Jumoke Oduwole, represented by Jachinma Agu, deputy director of reforms.
Oduwole said the standard was designed to embed a culture of integrity across both public and private sectors, shielding the economy from the corrosive effects of fraud.
“It is not just another regulation, but a declaration of Nigeria’s collective resolve to protect its economy against fraud, which I liken to a hidden tax on development,” she said.
“Fraud, in all its forms, is a corrosive agent that eats away at the fabric of our economic progress. It increases business costs, erodes investor confidence, stifles innovation, and undermines public trust.”
