The Federal Authorities has inaugurated the ISO 37003:2025 Fraud Management Administration System, a globally recognised framework aimed toward curbing fraud, bettering enterprise integrity, and boosting investor confidence in Nigeria’s economic system.
The inauguration ceremony occurred on Tuesday in Abuja and was carried out by the Minister of Trade, Commerce and Funding, Dr. Jumoke Oduwole, who was represented by Mrs. Jachinma Agu, Deputy Director of Reforms on the Ministry.
In her remarks, Oduwole described the launch as “a landmark step in aligning Nigeria’s financial reforms with President Bola Tinubu’s Renewed Hope Agenda.”
A Milestone for Financial Integrity
She emphasised that the introduction of the usual would play an important position in tackling fraud, which she described as “a hidden tax on growth.”
“Fraud will increase the price of doing enterprise, erodes investor confidence and undermines innovation,” Oduwole mentioned.
“The ISO 37003:2025 is a globally recognised framework designed to assist private and non-private organisations assess fraud dangers, implement preventive measures and reply successfully to incidents.”
In accordance with her, the brand new framework transforms fraud prevention from “a matter of likelihood to a matter of systematic design.”
The minister urged ministries, departments, and companies (MDAs) to guide by instance in adopting the usual, noting that its implementation inside the public sector would improve transparency and enhance service supply.
She additionally referred to as on personal sector leaders to see the usual not as a further value however as “a strategic funding in popularity, operational effectivity and long-term sustainability.”
“Right now, we’re planting a tree of integrity whose roots will stabilise our enterprise surroundings and whose branches will bear fruits of funding, sustainable progress and shared prosperity,” Oduwole acknowledged.
Strengthening Governance and Investor Confidence
Dr. Ifeanyi Okeke, Director-Normal of the Requirements Organisation of Nigeria (SON), mentioned the ISO 37003:2025 Fraud Management Administration System represents a “strategic device for selling transparency and good governance.”
He highlighted that Nigeria performed a big position within the growth of the usual, serving first as co-convenor and later as convenor of the ISO Technical Committee 309, Working Group 8.
“The ISO 37003:2025 will assist organisations stop, detect, and reply to fraud whereas embedding a tradition of integrity of their operations,” Okeke defined.
“Fraud has lengthy undermined growth, discouraged funding, and eroded public belief. For the general public sector, this normal will improve transparency and scale back leakages, whereas for the personal sector, it is going to function a mark of integrity that enhances credibility with traders.”
Okeke recommended the British Requirements Establishment (BSI) and the UK’s International, Commonwealth and Growth Workplace (FCDO) for his or her collaboration, saying their partnership was instrumental to the profitable publication of the usual.
He assured stakeholders that SON would guarantee efficient implementation by way of consciousness campaigns, coaching, and a reputable certification scheme.
“We should construct a formidable wall of integrity towards fraud,” he mentioned. “The widespread software of this normal will strengthen the Renewed Hope Agenda, entice investments, and enhance Nigeria’s world competitiveness.”
World Recognition and Collaboration
Mr. David Adamson of the British Requirements Establishment (BSI) described the usual’s growth as a “landmark achievement for the worldwide enterprise neighborhood.”
He praised Nigeria and the UK for his or her management roles, noting that the ISO 37003:2025 will not be meant to be a theoretical doc however a sensible device for combating fraud and selling transparency.
“The significance of this new normal goes past publication,” Adamson mentioned.
“What issues most is its efficient implementation throughout organisations. The ISO 37003 is designed to be a sensible framework that establishments, skilled associations, and companies can apply to strengthen transparency, stop fraud, and shield lives and sources.”
What You Ought to Know
- In August, the Central Bank of Nigeria (CBN) issued a contemporary directive mandating all individuals within the nation’s cost ecosystem to finish migration to the ISO 20022 messaging normal and implement necessary geo-tagging of cost terminals by October 31, 2025.
- In a round printed on its official web site, the apex bank reminded Deposit Cash Banks (DMBs), Microfinance Banks (MFBs), Cell Cash Operators (MMOs), Switching and Processing Firms, Cost Terminal Service Suppliers (PTSPs), Cost Answer Service Suppliers (PSSPs), Tremendous Brokers, and different licensed operators that ISO 20022 is now the worldwide benchmark for funds messaging.
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