The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has urged both public and private sector organisations in Nigeria to integrate fraud risk assessment and control into their governance frameworks as a safeguard against corruption, financial loss, and institutional failure.
Olukoyede made the call on Tuesday, September 30, 2025, at the launch of the ISO 37003:2025 Fraud Control Management System, held at Transcorp Hilton, Abuja.
The event was organised by the Standards Organisation of Nigeria (SON) in collaboration with the British Standards Institution (BSI).
Represented by the Commission’s Director of Fraud Risk Assessment and Control, Commander CE Ibrahim Shazali, the EFCC Chairman described fraud as a “pervasive and complex issue that inflicts significant financial losses and reputational damage on organisations,” stressing that its unchecked impact could cripple institutions.
“Fraud risk assessments provide an opportunity for identifying, analysing and mitigating the effects of fraud risks in organisations. Recognising diverse forms such as asset misappropriation, corruption, and fraudulent financial statements is essential for implementing effective fraud controls,” he said.
Olukoyede highlighted the relevance of the newly launched ISO 37003:2025, noting that the global standard provides a structured framework for preventing, detecting, and responding to fraud in a sustainable way.
He disclosed that in 2024, the EFCC created a dedicated Department of Fraud Risk Assessment and Control (DFRAC) to conduct systematic fraud risk reviews across Ministries, Departments and Agencies (MDAs). According to him, the department’s mandate includes strengthening ethics and integrity programmes, introducing robust internal controls, and promoting cybersecurity safeguards.
“Fraud prevention is a collective responsibility. Our partnership with ISO and SON is crucial in promoting international best practices in fraud prevention and control. By sharing knowledge and resources, organisations can strengthen their defences and promote a culture of integrity,” Olukoyede added.
In his address, the Director-General of SON, Dr. Chukunonso Okeke, represented by Director Talatu Ethong, described the launch as “a watershed moment in Nigeria’s journey in international standardisation.”
“With ISO 37003:2025, we now embrace a proactive and structured framework for fraud prevention, detection, and response,” he said.
Okeke commended Nigeria’s pioneering role in shaping the standard through SON’s leadership at the ISO/Technical Committee 309 Working Group 8 and paid tribute to Professor Oserheimen Aigberaodion Osunbor for positioning Nigeria as a global leader in fraud control standardisation.
Chairman of the Code of Conduct Bureau (CCB), Dr Abdullahi Usman Bello, praised the initiative as a “robust framework for fraud prevention” and urged stakeholders to adopt the system to entrench integrity in Nigeria’s governance.
Other speakers included representatives of the British Standards Institution, the Federal Ministry of Industry, Trade and Investment, the Central Bank of Nigeria, the ICPC, and TUGAR. International anti-corruption expert Kevin Hyland also delivered a paper on Criminality and Rule of Law: Impacts on Global Trade.
The event ended with SON’s official declaration of ISO 37003:2025 Fraud Control Management System for adoption in Nigeria.
