The Standards Organisation of Nigeria (SON) has unveiled a new global fraud control framework aimed at tackling rising financial crimes across the country’s public and private sectors.

The Director-General and Chief Executive of SON, Dr. Ifeanyi Okeke, announced the adoption and promotion of ISO 37003:2025 — an international standard on Fraud Control Management Systems — at a Stakeholder Engagement Forum held in Lagos.

According to Okeke, the new standard provides organisations with a structured management systems approach to prevent, detect, and respond to fraud risks. He explained that ISO 37003:2025 moves beyond traditional compliance models by embedding fraud prevention mechanisms into governance, operational processes, and risk management frameworks.

“Fraud undermines trust, weakens institutions, and threatens sustainable development,” Okeke said. “ISO 37003 offers a practical and scalable framework that enables organisations to strengthen internal controls and build resilience against financial crimes.”

Fraud Cases Surge 350%

Chairman of the SON National Technical Committee on Governance of Organisations, Prof. Oserheimen Osunbor, disclosed that reported fraud cases increased by 350 percent between 2022 and 2024. He said the alarming rise highlights the urgent need for proactive and structured fraud risk management systems.

Osunbor noted that ISO 37003 equips organisations with tools to systematically identify fraud risks, establish preventive controls, implement reporting mechanisms, and promote continuous improvement.

He added that the standard aligns with global best practices and complements existing regulatory and anti-corruption frameworks. By institutionalising fraud risk management, organisations can shift from reactive responses to preventive strategies.

Broad Sector Applicability

SON stated that the fraud control standard is applicable to organisations of all sizes and sectors. This includes government agencies, private corporations, small and medium enterprises, and non-profit entities.

Adoption of ISO 37003:2025, according to the agency, is designed to be proportionate to each organisation’s size, structure, and risk profile.

The stakeholder forum brought together representatives from the Central Bank of Nigeria, Nigerian Financial Intelligence Unit, Special Control Unit Against Money Laundering, Economic and Financial Crimes Commission, Independent Corrupt Practices Commission, and the British Standards Institution.

Participants discussed practical implementation strategies, institutional capacity building, and the need for wider adoption across industries.

Strengthening Transparency and Governance

SON emphasised that promoting ISO 37003 forms part of Nigeria’s broader commitment to transparency, accountability, and good governance.

The agency said encouraging organisations to adopt internationally recognised management system standards would strengthen public trust and improve the country’s overall risk management culture.

As financial crimes continue to evolve, SON maintains that structured fraud control systems are essential for safeguarding economic stability and reinforcing institutional integrity.

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Nigeria’s Ministry of Finance Incorporated (MOFI) has entered into a strategic partnership with the Chartered Risk Management Institute of Nigeria (CRMI) to strengthen risk management practices across government-owned portfolio companies.

The collaboration, formalised through a Memorandum of Understanding signed in Abuja, is aimed at embedding a stronger risk culture within public sector enterprises while positioning them for long-term growth and sustainability.

According to a statement issued on Tuesday, the President and Chairman of Council of CRMI, Mr. Kevin Ugwuoke, commended MOFI’s leadership for its economic impact. He noted that with an estimated asset value of N18 trillion, more than 15,000 indirect employees, and confirmed shareholding in over 52 entities, MOFI is well on its path to realising its target of expanding its portfolio to at least N100 trillion in the next decade.

Ugwuoke also applauded the leadership of MOFI’s Managing Director/CEO, Dr. Armstrong Ume Takang, alongside Executive Director of Risk Management, Mrs. Oluwakemi Babalogbon, and Executive Director of Portfolio Management, Mr. Tajudeen Ahmed, for championing risk-driven practices. He reaffirmed CRMI’s readiness to align with MOFI in advancing international best standards in risk management.

In his remarks, Dr. Takang stressed that many public institutions in the past collapsed due to poor or non-existent risk management systems. He said the partnership will support MOFI’s objectives of asset aggregation, professionalisation of public enterprises, capital mobilisation, and sustainability.

Mrs. Babalogbon explained that the joint capacity-building programme, structured into Level 1 and Level 2 training modules, will target skills development for staff at all levels.

Mr. Ahmed added that beyond financial services, other state-owned enterprises will also benefit significantly from the knowledge exchange enabled by the collaboration.

The event ended with both institutions reaffirming their commitment to strengthening Nigeria’s risk management framework, ensuring state-owned enterprises operate with resilience and global best practices.

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