The Standards Organisation of Nigeria (SON) has officially launched ISO 37003:2025, a Fraud Control Management System designed to strengthen transparency, accountability, and governance across the country.
Speaking at the unveiling ceremony in Abuja, SON Director-General, Ifeanyi Chukwunonso Okeke, described the standard as a globally recognised framework that helps organisations prevent fraud before it occurs, detect it efficiently, and respond decisively to minimise damage.
He added that ISO 37003:2025 also fosters a culture of integrity by embedding fraud prevention into the core of organisational operations.
Okeke explained that adoption of the standard will benefit both the public and private sectors reducing leakages and rebuilding trust in government while positioning Nigerian companies as credible and trustworthy partners to investors.
He further stressed that widespread implementation would improve Nigeria’s global rankings and attract foreign direct investment.
SON, he noted, will embark on awareness campaigns, training, and certification programmes to ensure effective adoption, calling for active participation from government leaders, industry captains, professional bodies, and civil society.
Also speaking, Oserheimen Osunbor, Convener of ISO/TC309/WG8, highlighted that ISO 37003:2025 serves as a guardian for organisations managing fraud risks, noting that the process of developing the standard began during the ISO TC 309 plenary in Sydney, Australia, in November 2018.
He added that this Amounts to a total loss of 7% in the annual turnover 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, from 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.
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