Ola Olukoyede, the Executive Chairman of Nigeria‘s Economic and Financial Crimes Commission (EFCC), has called on organizations across both public and private sectors to integrate thorough fraud risk evaluation and prevention strategies into their governance frameworks. This initiative is designed to promote greater transparency and accountability at every level within institutions.
This appeal was made during the formal introduction of the ISO 37003:2025 Fraud Control Management System, an event held recently at the Transcorp Hilton in Abuja. The launch marks a significant step forward in Nigeria’s efforts to combat fraudulent practices effectively.
The creation of this standard was a collaborative effort between the Standards Organisation of Nigeria (SON) and the British Standards Institution (BSI), underscoring the importance of international partnerships in addressing fraud challenges.
In a keynote address titled “Incorporating Fraud Risk Assessment and Control into Organizational Governance,” delivered by Ibrahim Shazali, EFCC’s Director of Fraud Risk Assessment and Control on behalf of Olukoyede, the pervasive and complex nature of fraud was highlighted. The speech emphasized that fraud not only causes considerable financial damage but also erodes public trust in institutions.
“Conducting comprehensive fraud risk assessments allows organizations to detect, analyze, and manage potential fraud risks effectively,” the address noted. It warned that neglecting threats such as bribery, embezzlement, and manipulated financial records could severely impair operational performance.
Olukoyede pointed out that ISO 37003:2025 offers a globally recognized framework that equips organizations with a structured and sustainable method for fraud prevention, detection, and response.
He further disclosed that in 2024, the EFCC established the Department of Fraud Risk Assessment and Control (DFRAC), which is responsible for carrying out fraud risk evaluations across various ministries, departments, and agencies (MDAs).
The department’s mandate includes enforcing segregation of duties, ensuring adherence to approval limits, enhancing cybersecurity protocols, safeguarding whistleblowers, and initiating targeted awareness programs to strengthen governance and regulatory compliance within the public sector.
“Fraud prevention is a collective duty,” Olukoyede emphasized. “Our partnership with ISO and SON is crucial for adopting international best practices in fraud management.” He added that combining expertise and resources enables organizations to develop resilient defenses against fraudulent activities and foster a culture grounded in integrity and transparency. Plans are also in motion to extend these efforts to regional and local government bodies.
Chukunonso Okeke, Director-General and Chief Executive of SON, represented by Talatu Ethong, Director of Corporate Affairs, described the launch as a milestone for Nigeria’s engagement in global standardization initiatives.
“This effort transcends mere adoption of an international standard; it is a vital instrument for enhancing transparency, accountability, and effective governance in Nigeria,” Okeke remarked. “ISO 37003:2025 establishes a proactive and organized approach to fraud prevention, detection, and response.”
He also praised Nigeria’s leadership role in shaping the standard through SON’s active participation in the ISO Technical Committee 309 Working Group 8, acknowledging Professor Oserheimen Aigberaodion Osunbor for positioning Nigeria as a significant contributor to the worldwide fight against fraud.
In a message of support, Abdullahi Bello, Chairman of the Code of Conduct Bureau (CCB), commended SON and BSI for spearheading this initiative. He described ISO 37003:2025 as a comprehensive blueprint for fraud prevention, detection, and response, expressing optimism that it will nurture a stronger culture of integrity across Nigeria’s public and private sectors.
Other distinguished attendees included David Adamson from the British Standards Institution, a representative of the Minister of Industry, Trade and Investment, and Kevin Hyland, who delivered a presentation on “Criminality and Rule of Law: Impacts on Global Trade.” Representatives from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Central Bank of Nigeria (CBN), and the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR) also participated in the discussions.
The event culminated with SON formally adopting the ISO 37003:2025 Fraud Control Management System as Nigeria’s national standard, marking a pivotal achievement in the nation’s dedication to eliminating fraud.