On Tuesday, September 30, 2025, Nigeria took a significant step toward strengthening its fight against corruption and financial malfeasance with the official launch of the ISO 37003:2025 Fraud Control Management System. The event, held at the prestigious Transcorp Hilton in Abuja, was a collaborative effort between the Standards Organisation of Nigeria (SON) and the British Standards Institution (BSI). The launch marked a pivotal moment in Nigeria’s ongoing efforts to institutionalize robust mechanisms for fraud prevention, detection, and response across both public and private sectors. The initiative was championed by key stakeholders, including the Economic and Financial Crimes Commission (EFCC), which underscored the importance of integrating fraud risk assessment and control into organizational governance frameworks to safeguard against corruption, financial loss, and institutional failure.
The Executive Chairman of the EFCC, Mr. Ola Olukoyede, delivered a compelling address through his representative, Commander CE Ibrahim Shazali, the Commission’s Director of Fraud Risk Assessment and Control. Olukoyede emphasized the critical need for organizations to adopt proactive measures to combat fraud, describing it as a “pervasive and complex issue” that inflicts significant financial losses and reputational damage. He highlighted the far-reaching consequences of unchecked fraud, which, if left unaddressed, could cripple institutions and undermine public trust. “Fraud is not just a financial issue; it is a systemic threat that erodes the very fabric of organizations, whether public or private,” he stated, underscoring the urgency of adopting structured frameworks to mitigate its impact.
Olukoyede’s address focused on the importance of fraud risk assessments as a cornerstone of effective governance. He explained that such assessments provide organizations with a systematic approach to identifying, analyzing, and mitigating fraud risks. By recognizing the diverse forms of fraud—ranging from asset misappropriation and corruption to fraudulent financial statements—organizations can implement tailored controls to address specific vulnerabilities. “Fraud risk assessments are not just a reactive measure; they are a proactive tool that empowers organizations to stay ahead of potential threats,” he noted. This approach, he argued, is essential for building resilient institutions capable of withstanding the challenges posed by financial malfeasance.
The launch of ISO 37003:2025 was presented as a game-changer in Nigeria’s anti-fraud landscape. Olukoyede described the new global standard as a comprehensive and structured framework designed to prevent, detect, and respond to fraud in a sustainable manner. Unlike previous approaches that may have been fragmented or reactive, ISO 37003:2025 offers organizations a holistic roadmap for embedding fraud control into their operational and governance structures. The standard provides clear guidelines for establishing policies, procedures, and systems to address fraud risks, ensuring that organizations are better equipped to safeguard their assets and reputation.
The EFCC’s commitment to this cause was further demonstrated by the establishment of its Department of Fraud Risk Assessment and Control (DFRAC) in 2024. Olukoyede revealed that the department was created to conduct systematic fraud risk reviews across Ministries, Departments, and Agencies (MDAs) in Nigeria. The DFRAC’s mandate is multifaceted, encompassing the strengthening of ethics and integrity programs, the introduction of robust internal controls, and the promotion of cybersecurity safeguards. “The creation of DFRAC is a testament to the EFCC’s proactive stance in addressing fraud at its roots,” Olukoyede said. “By conducting regular risk assessments and fostering a culture of accountability, we aim to create a ripple effect that strengthens governance across all sectors.”
Olukoyede also emphasized the collaborative nature of fraud prevention, calling it a “collective responsibility” that requires partnerships between government agencies, private organizations, and international bodies. He highlighted the EFCC’s collaboration with SON and ISO as a critical step toward promoting international best practices in fraud prevention and control. “By sharing knowledge and resources, we can build a united front against fraud,” he said. “Our partnership with ISO and SON is not just about adopting a standard; it is about fostering a culture of integrity that will benefit generations to come.” This collaborative approach, he argued, is essential for creating a sustainable framework that aligns with global standards while addressing Nigeria’s unique challenges.
The Director-General of SON, Dr. Chukunonso Okeke, represented by Director Talatu Ethong, echoed Olukoyede’s sentiments, describing the launch of ISO 37003:2025 as a “watershed moment” in Nigeria’s journey toward international standardization. Okeke emphasized that the new standard represents a paradigm shift in how organizations approach fraud prevention. “With ISO 37003:2025, we are moving from reactive measures to a proactive and structured framework that empowers organizations to stay ahead of fraud,” he said. He highlighted the standard’s emphasis on prevention, detection, and response, noting that it provides organizations with the tools to build resilient systems capable of withstanding the evolving nature of fraud.
Okeke also took pride in Nigeria’s pioneering role in shaping the global standard. He revealed that SON played a leading role in the ISO/Technical Committee 309 Working Group 8, which was instrumental in developing ISO 37003:2025. This leadership, he argued, positions Nigeria as a global leader in fraud control standardization. “Nigeria is not just adopting international standards; we are helping to shape them,” he said. Okeke paid special tribute to Professor Oserheimen Aigberaodion Osunbor, whose contributions to the development of the standard were instrumental in elevating Nigeria’s profile on the global stage. “Professor Osunbor’s leadership has ensured that Nigeria’s voice is heard in the global fight against fraud,” he noted.
The event also featured remarks from other key stakeholders, including the Chairman of the Code of Conduct Bureau (CCB), Dr. Abdullahi Usman Bello. Bello praised the launch of ISO 37003:2025 as a “robust framework for fraud prevention” and urged stakeholders across all sectors to adopt the system. “This standard is not just a set of guidelines; it is a call to action for all organizations to entrench integrity in their operations,” he said. Bello emphasized the importance of collective action in addressing corruption, noting that the CCB was fully committed to supporting initiatives that promote transparency and accountability in Nigeria’s governance.
Representatives from the British Standards Institution (BSI), the Federal Ministry of Industry, Trade and Investment, the Central Bank of Nigeria (CBN), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR) also delivered remarks at the event. Each speaker underscored the importance of ISO 37003:2025 in strengthening Nigeria’s anti-fraud ecosystem and fostering a culture of integrity. The consensus among the speakers was that the new standard represents a significant step forward in aligning Nigeria’s governance frameworks with global best practices.
A highlight of the event was a paper presented by international anti-corruption expert Kevin Hyland, titled Criminality and Rule of Law: Impacts on Global Trade. Hyland’s presentation provided a global perspective on the interconnectedness of fraud, corruption, and economic development. He argued that fraud and corruption not only undermine organizational integrity but also have far-reaching implications for global trade and economic stability. “Fraud is a global problem that requires global solutions,” Hyland said. “By adopting standards like ISO 37003:2025, Nigeria is sending a powerful message to the international community about its commitment to combating financial crime.”
Hyland’s paper explored the ripple effects of fraud on global markets, noting that it erodes investor confidence, disrupts supply chains, and hampers economic growth. He commended Nigeria for taking a proactive stance in addressing these challenges through the adoption of ISO 37003:2025. “Nigeria’s leadership in this area sets a precedent for other nations to follow,” he said. Hyland also emphasized the importance of cross-border collaboration in combating fraud, urging Nigerian organizations to leverage international partnerships to strengthen their anti-fraud measures.
The event culminated in SON’s official declaration of ISO 37003:2025 Fraud Control Management System for adoption in Nigeria. This declaration marked the formal integration of the standard into Nigeria’s regulatory and governance frameworks, paving the way for its implementation across public and private sector organizations. The launch was attended by a diverse group of stakeholders, including government officials, industry leaders, anti-corruption experts, and representatives of international organizations. The attendance underscored the widespread support for the initiative and its potential to transform Nigeria’s approach to fraud prevention.
The adoption of ISO 37003:2025 comes at a critical time for Nigeria, as the country grapples with persistent challenges related to corruption and financial crime. Despite significant progress in recent years, including high-profile prosecutions by the EFCC and other anti-corruption agencies, fraud remains a significant obstacle to economic development and institutional integrity. The new standard is expected to address these challenges by providing organizations with a clear and actionable framework for managing fraud risks.
For public sector organizations, the adoption of ISO 37003:2025 is expected to enhance transparency and accountability in the management of public funds. By conducting regular fraud risk assessments and implementing robust internal controls, Ministries, Departments, and Agencies (MDAs) can reduce the risk of financial mismanagement and ensure that public resources are used effectively. The EFCC’s DFRAC will play a central role in supporting these efforts, providing technical expertise and guidance to MDAs as they align their operations with the new standard.
In the private sector, the standard is expected to bolster corporate governance and enhance investor confidence. Fraudulent activities such as asset misappropriation and financial statement fraud have long been a concern for businesses operating in Nigeria. By adopting ISO 37003:2025, private sector organizations can demonstrate their commitment to ethical practices and build trust with stakeholders. This, in turn, is expected to attract investment and foster a more competitive business environment.
The launch of ISO 37003:2025 also has broader implications for Nigeria’s international standing. By aligning its anti-fraud measures with global standards, Nigeria is positioning itself as a leader in the fight against financial crime. This is particularly important in the context of global trade, where transparency and accountability are critical for attracting foreign investment and fostering economic partnerships. The adoption of the standard is expected to enhance Nigeria’s reputation as a reliable partner in the global economy, paving the way for increased trade and investment opportunities.
Moving forward, the successful implementation of ISO 37003:2025 will depend on the commitment of all stakeholders to embrace the standard and integrate it into their operations. The EFCC, SON, and other key agencies have pledged to provide training, resources, and technical support to ensure that organizations can effectively adopt the standard. Capacity-building initiatives, awareness campaigns, and partnerships with international organizations will also play a critical role in driving the adoption of ISO 37003:2025 across Nigeria.
In conclusion, the launch of ISO 37003:2025 Fraud Control Management System represents a significant milestone in Nigeria’s fight against fraud and corruption. By providing a structured and proactive framework for fraud prevention, detection, and response, the standard has the potential to transform governance practices across the public and private sectors. The collaborative efforts of the EFCC, SON, BSI, and other stakeholders underscore the importance of collective action in addressing the complex challenges posed by fraud. As Nigeria moves forward with the implementation of ISO 37003:2025, it is poised to set a global example in the fight against financial crime, fostering a culture of integrity and accountability that will benefit the nation for years to come.
