By Aisha Muhammad Magaji
In a significant move to enhance business integrity and attract foreign investment, Nigeria has officially adopted the ISO 37003:2025 Fraud Control Management Systems. This globally recognized standard aims to assist both public and private organizations in assessing fraud risks, implementing preventive measures, and responding effectively to incidents. The adoption aligns with President Bola Ahmed Tinubu’s “Renewed Hope Agenda,” emphasizing transparency and accountability in governance.
Fraud Risk Assessment: Provides a structured approach to identifying and evaluating potential fraud risks within organizations.
Preventive Measures: Offers guidelines for implementing controls and practices to prevent fraudulent activities.
Responsive Actions: Establishes procedures for responding to and managing incidents of fraud effectively.
Cultural Integration: Encourages the embedding of a culture of integrity throughout organizational operations.
The standard is designed to be adaptable across various sectors, including government agencies, financial institutions, and private enterprises.
The Standards Organisation of Nigeria (SON) is spearheading the implementation of ISO 37003:2025. The Federal Government, through the Ministry of Industry, Trade and Investment, has committed to supporting awareness campaigns, training programs, and the integration of the standard into national policies. This initiative is expected to bolster Nigeria’s competitiveness and attractiveness to foreign investors.
This adoption is part of Nigeria’s broader strategy to combat corruption and improve governance. The country has also made strides in aligning with global sustainability standards. The Securities and Exchange Commission (SEC) is set to implement the International Sustainability Standards Board (ISSB) guidelines for environmental, social, and governance (ESG) disclosures, aiming to enhance transparency and attract responsible investments.
Experts believe that the adoption of these global standards will significantly improve investor confidence in Nigeria’s business environment. By addressing concerns related to fraud and governance, Nigeria is positioning itself as a more attractive destination for foreign direct investment. This move is expected to contribute to economic growth and development, aligning with the nation’s long-term objectives.
