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

Oduwole described the standard as a vital tool in aligning Nigeria’s economic reforms with the administration’s Renewed Hope Agenda. She noted that fraud acts as a hidden tax on development, increasing business costs, eroding investor trust, and stifling innovation.

“The ISO 37003 is not just another regulation, it is a systematic framework that transforms fraud control into a matter of design rather than chance,” she said.

She urged ministries, agencies, and the private sector to adopt the standard, viewing it not as an expense but a strategic investment in operational efficiency and long-term sustainability. The government, through the Standards Organisation of Nigeria (SON), will support implementation through awareness, training, and certification.

Director-General of SON, Ifeanyi Okeke, described the standard as a milestone in Nigeria’s fight against corruption. He said Nigeria played a leading role in its development as co-convenor of the ISO technical committee responsible for the standard.

Okeke stated that the standard would help both public and private organisations prevent, detect, and respond to fraud while embedding a culture of integrity.

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David Adamson of the British Standards Institution (BSI) praised the collaboration between Nigeria and the UK in developing the standard. He emphasized the importance of effective implementation and announced future cooperation through working groups, consultations, and webinars.

The ISO 37003:2025 provides a structured approach to establishing and maintaining effective anti-fraud systems and is expected to improve Nigeria’s global competitiveness and investment appeal.

Source: Punch