The Standard Organization of Nigeria (SON) has unveiled the ISO 37003:2025, Fraud Control Management System, noting that this is a powerful instrument to strengthen transparency, accountability and good governance in Nigeria,
The SON Director-General, Dr. Ifeanyi Chukwunonso Okeke said, the ISO 37003 2025 is a standard that provides a globally recognised framework for preventing fraudulent activities before they occur, detecting fraud efficiently when it arises, and responding decisively to ensure accountability by minimising damage.
More importantly, it fosters a culture of integrity by embedding fraud prevention into the very DNA of organisational operations.
Dr. Okeke spoke at the official launch of ISO 37003:2025, fraud control management system in partnership with British Standards Institutions BSI, in Abuja, stating that for the public sector, adoption of this standard will enhance transparency and accountability, reduce leakages, and rebuild public confidence. For the private sector, it will serve as a mark of integrity, signalling to partners and investors that Nigerian companies operate with the highest standards of governance.
He said: “For the economy as a whole, its widespread adoption will help improve Nigeria’s global rankings, attract foreign direct investment. SON is fully committed to ensuring that this standard does not remain on paper but is implemented effectively.”
He added that SON will roll out awareness campaigns, provide training for implementers and auditors, and establish a credible certification scheme. This he said is not a task for SON alone, it requires the active commitment of leaders in the public sector, captains of industries, professional bodies, and civil society organisations.
Convener, ISO/TC309/WG8, Prof. Oserheimen Osunbor, said the 37003 of 2025, which is a fraud control management system is the guardians for organisations managing the risk of fraud, this is intended to promote standard, not only in this country, but internationally. He explained that the making of ISO 37003 started on the sidelines of ISO TC 309 plenary in Sydney, Australia in November 2018.
“There was awareness of fraud risks in organisations and existing fraud controls within the organisations, including internal fraud, whistleblowing, code of conduct, anti-fraud policies, fraud training, and management reviews to mitigate the impact of fraud.
“With the existence of these internal mechanisms and statutory regulations, there was a clear need for an ISO standard dealing with fraud control. Research findings from the literature published by reputable sources show that fraud costs the global economy about $4 trillion per year. The chief executive of the Strategic Institute of Forensic Examiners puts it at $4.7 trillion a year, so it is increasing,” he said.
He added that this Amounts to a total loss of seven per cent in the annual turnovers of the organisations. Based on the findings, the leadership of TC309 in 2022 approved the proposal and established Working Group 8 to develop a fraud control management system standard. After going through all the different stages of development, of working draft to committee draft, draft international standard to final draft international standard, the document was published as an international standard on 29th May 2025.