Nigeria adopts global standard to combat corruption, boost investor trust

The Federal Government on Tuesday inaugurated the ISO 37003:2025 Fraud Control Management Systems to strengthen business integrity and boost investor confidence in Nigeria.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, represented by Mrs Jachinma Agu, Deputy Director Reforms at the ministry, performed the inauguration in Abuja.

Oduwole described the initiative as a landmark step in aligning Nigeria’s economic reforms with the “Renewed Hope Agenda” of President Bola Ahmed Tinubu’s administration.

The minister, who described the standard as a hidden tax on development, said it would help tackle fraud.

According to her, fraud increases the cost of doing business, erodes investor confidence, and undermines innovation.

“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.

“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 said.

Oduwole urged ministries, departments, and agencies to lead by example in adopting the standard, emphasising that its implementation in the public sector would enhance transparency and improve service delivery.

The minister also called on captains of industry to view adoption of the standard not as a cost but as “a strategic investment in reputation, operational efficiency and long-term sustainability”.

She assured that the Federal Government, working through the Standards Organisation of Nigeria (SON), would support awareness campaigns, implementation, and training on the framework.

She added that the adoption of the fraud control standard would boost Nigeria’s competitiveness, attract foreign direct 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.

Dr Ifeanyi Okeke, Director-General of SON, described the ISO 37003:2025 Fraud Control Management System as a strategic tool to promote transparency and good governance in the country.

He said the adoption marked a milestone in Nigeria’s commitment to combating fraud and corruption through structured frameworks.

Okeke explained that Nigeria played a key role in the development of the standard by serving as co-convenor and later convenor of the ISO Technical Committee 309, Working Group 8.

The SON boss said the country’s active participation placed it at the forefront of global standardisation in fraud control

He commended the partnership with the British Standards Institution and the support of the Foreign, Commonwealth and Development Office, noting that the collaboration ensured the successful publication of the standard.

“The ISO 37003:2025 will help organisations prevent, detect, and respond to fraud, while also embedding a culture of integrity in their operations.

“Fraud has long undermined development, discouraged investment, and eroded public trust.

“For the public sector, the standard will enhance transparency, reduce leakages, and restore confidence. For the private sector, it will be a mark of integrity that boosts credibility with partners and investors,” he said.

Okeke assured stakeholders that SON would drive effective implementation of the standard through awareness campaigns, training, and a credible certification scheme.

He urged ministries, agencies, businesses, and civil society to support the initiative, saying a united effort was required to build “a formidable wall of integrity against fraud.”

He said the widespread application of the standard in the country would improve the country’s global rankings, attract investment, and strengthen the Renewed Hope Agenda of the Federal Government.

Also speaking, Mr David Adamson of BSI described the development and publication of ISO 37003:2025 as a landmark achievement for the global business community.

Adamson commended SON’s officials and international partners, such as Australia, and commended the United Kingdom and Nigeria for their collaborative roles in initiating and driving the standard to completion.

He said: “The importance of the new standard goes beyond publication; what matters most is effective implementation across organisations.

“The ISO 37003 was designed not to remain on the shelf but to be a practical tool that institutions, professional associations, and business operators can apply in strengthening transparency, preventing fraud, and protecting lives and resources,” he said.

The BSI official further revealed that the next phase would involve closer cooperation between Nigeria and the UK, with plans to set up small working groups, webinars, consultations, and stakeholder engagements.

He assured that both countries would continue to provide leadership in expanding the scope of international standards, including in emerging areas such as anti-money laundering, to address issues of profound global concern.

reports that the ISO 37003:2025 standard was established and published in 2025 to provide a comprehensive framework for establishing, developing, implementing, evaluating, maintaining, and improving an effective anti-fraud management system.

(NAN)