The Standards Organisation of Nigeria (SON) is ramping up its initiatives to combat financial crimes by promoting ISO 37003:2025, an international standard specifically designed for Fraud Control Management Systems. At a recent Stakeholder Engagement Forum in Lagos, SON’s Director-General, Dr. Ifeanyi Okeke, emphasized the pressing need for this standard in light of a significant rise in fraud cases over recent years, which pose a serious threat to Nigeria's economic stability. The forum aimed to create awareness about the standard and to enhance institutional capabilities within both public and private sectors to better manage fraud risks.

Dr. Okeke's presentation highlighted how ISO 37003:2025 distinguishes itself from traditional compliance models by adopting a management systems approach. This allows organizations to integrate fraud prevention and detection measures within their governance frameworks, offering a proactive stance against fraud rather than merely reacting to incidents after they occur. The promotion of this standard indicates SON's commitment to not only align with global benchmarks but also to ensure that Nigerian organizations are equipped to tackle the evolving challenges posed by financial crimes effectively.

As organizations increasingly face sophisticated fraud tactics, the implementation of ISO 37003:2025 could be pivotal in fostering a culture of integrity and accountability in both the private and public sectors. This focus on developing robust fraud control mechanisms is crucial for bolstering Nigeria's economic resilience and instilling confidence among stakeholders, investors, and the general public, thereby supporting overall economic development and stability.