Wednesday, 1 October 2025

SON launches ISO 37003 to strengthen fraud control in business and governance

By sbinsights on October 1, 2025

By Abiodun Abdullai

The Standards Organisation of Nigeria (SON) has introduced ISO 37003:2025, a Fraud Control Management System designed to curb corruption, improve governance, and enhance investor confidence in Nigeria.

SON Director-General, Dr. Ifeanyi Chukwunonso Okeke, said the new standard provides a globally recognised framework for preventing, detecting, and responding to fraud while embedding transparency and accountability in both public and private institutions.

Speaking at the official launch in Abuja, held in partnership with the British Standards Institution (BSI), Dr. Okeke explained that adoption of ISO 37003 will help the public sector reduce financial leakages, rebuild trust, and strengthen service delivery. For the private sector, it will serve as a "mark of integrity," assuring partners and investors of sound governance practices.

"For the economy as a whole, its widespread adoption will boost Nigeria's global standing and attract more foreign direct investment. SON is committed to ensuring this standard is effectively implemented, not just documented," he stated.

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The agency plans to roll out nationwide awareness campaigns, provide training for implementers and auditors, and establish a certification scheme. However, Dr. Okeke stressed that success would require commitment from government leaders, industry captains, professional bodies, and civil society groups.

Convener of ISO/TC309/WG8, Prof. Oserheimen Osunbor, explained that the development of ISO 37003 began in 2018, following growing concerns over the rising cost of fraud globally. Research shows fraud drains an estimated $4.7 trillion annually, accounting for about 7 per cent of organisational turnover worldwide.

After years of drafting and international review, the standard was formally adopted and published as ISO 37003:2025 on May 29, 2025.

With its unveiling, SON has positioned Nigeria among early adopters of the fraud control management system standard, a move experts say could strengthen the country's business environment and foster a culture of integrity across sectors.