The Standards Organisation of Nigeria (SON) has launched a major campaign to fight financial crime. On Wednesday, February 11, 2026, the agency held a high-level forum in Lagos.
The event focused on promoting ISO 37003:2025. This new international standard provides a framework for Fraud Control Management Systems (FCMS). It applies to both the public and private sectors.
As financial crimes grow complex, SON is using this benchmark to build integrity. The goal is to move Nigeria toward proactive prevention and transparency.
A Rising Threat to Economic Stability
SON Director-General Dr. Ifeanyi Okeke gave the keynote address. He warned that fraud is a major threat to national stability. Financial crimes have surged in frequency and complexity. Therefore, organizations must change how they protect their assets.
“Fraud weakens our institutions and threatens development,” Dr. Okeke stated. “ISO 37003:2025 helps entities embed fraud control directly into their operational DNA.”
The Fraud Surge: 2022–2024
Startling data backs this new intervention. Prof. Oserheimen Osunbor, Chairman of the SON National Technical Committee, shared the numbers. Reported fraud cases in Nigeria jumped by 350% between 2022 and 2024.
This increase shows that traditional security measures are failing. Prof. Osunbor helped develop these global rules. He explained that ISO 37003:2025 helps organizations find vulnerabilities before criminals exploit them.
Core Features of ISO 37003:2025
The standard works for large corporations, government agencies, and small businesses alike. Its key parts include:
- Risk Identification: Using data to find real weaknesses.
- Preventive Controls: Building barriers to stop misconduct early.
- Reporting Channels: Creating safe ways to blow the whistle.
- Continuous Updates: Improving systems to stop new cyber-threats.
Collaborative Defense: Agencies Unite
The forum brought together Nigeria’s top regulatory bodies. This shows a united front against money laundering. Participants included:
- The Central Bank of Nigeria (CBN)
- The Economic and Financial Crimes Commission (EFCC)
- The Nigerian Financial Intelligence Unit (NFIU)
- The British Standards Institution (BSI)
The BSI’s involvement ensures global credibility. Nigerian businesses using this standard can compete better internationally. It proves they meet high ethical levels.
Scalable Protection for All Sectors
ISO 37003:2025 is flexible. It is not a “one-size-fits-all” burden. Adoption scales based on an organization’s size and risk.
For SMEs, the focus is on basic internal controls. This protects against payroll or procurement fraud. Large agencies use complex digital oversight. SON believes these systems will build a resilient economy. This helps both domestic and foreign investors feel secure.
Conclusion: A Culture of Accountability
Promoting ISO 37003:2025 is vital for good governance. Dr. Okeke concluded that the goal is not just catching fraudsters. The real aim is making fraud nearly impossible to commit.
This initiative builds public trust. It moves Nigeria toward an era where accountability is a measurable, certified reality.
