The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has called on public and private sector organisations in Nigeria to integrate fraud risk assessment and control into their governance structures as part of efforts to strengthen transparency and accountability.
Olukoyede made the call in Abuja on Tuesday, September 30, 2025, at the launch of ISO 37003:2025 Fraud Control Management System organized by the Standards Organisation of Nigeria, SON, in collaboration with the British Standards Institution, BSI, at Transcorp Hilton, Abuja.
Delivering a keynote paper titled “Integrating Fraud Risk Assessment and Control into Governance of Organisations”, Olukoyede, who was represented by the Director of Fraud Risk Assessment and Control of the Commission, Commander of the EFCC, CE Ibrahim Shazali, described fraud as “a pervasive and complex issue that inflicts significant financial losses and reputational damage on organizations,” stressing that its impact could cripple the capacity of institutions to achieve their mandate.
According to him, “Fraud Risk Assessments provide an opportunity for identifying, analysing and mitigating the effects of fraud risks in organisations. Fraud is a multifaceted threat that includes, but is not limited to, asset misappropriation, corruption, and fraudulent financial statements. Recognizing these diverse forms and their potential sources within and outside the organization is essential for implementing adequate fraud controls.”
Speaking on the relevance of the new standard, the EFCC Chairman noted that ISO 37003:2025 provides a globally recognized framework for fraud control management systems, enabling organisations to prevent, detect, and respond to fraud systematically and sustainably.
On EFCC’s commitment to the anti-fraud campaign, the EFCC’s boss disclosed that in 2024 the Commission established the Department of Fraud Risk Assessment and Control, DFRAC, with a mandate to conduct fraud risk assessments across Ministries, Departments and Agencies, MDAs.
“DFRAC’s primary objective is to identify potential fraud risks and vulnerabilities in MDAs and put in place ethics and integrity programmes that restore the efficacy of control measures in such organisations. We have found that institutionalizing controls like segregation of roles, adherence to approval limits, cybersecurity measures, transparency in operations, confidential disclosure arrangements, and routine targeted awareness programmes are effective in improving governance, risk and compliance frameworks,” he said.
While assuring that the Commission will extend these initiatives to sub-national levels, the EFCC chairman stressed the importance of inter-agency collaboration in fraud prevention. “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, expertise, and resources, organisations can strengthen their defences against fraud and promote a culture of integrity and transparency,” he said.
In his welcome address, the Director General/Chief Executive of SON, Dr. Chukunonso Okeke, represented by Talatu Ethong, Director, Cooperative Affairs, described the launch as “a historic occasion and a watershed moment in Nigeria’s journey in international standardization.”
“Today, we are not merely unveiling another international standard, but a powerful instrument to strengthen transparency, accountability, and good governance in Nigeria. With ISO 37003:2025, we now embrace a proactive and structured framework for fraud prevention, detection, and response,” he said.
Okeke also commended Nigeria’s pioneering role in the development of the standard through SON, which served first as Co-Convenor and later Convenor of ISO/Technical Committee 309 Working Group 8. He paid tribute to Professor Oserheimen Aigberaodion Osunbor, whose leadership positioned Nigeria as a global leader in fraud control standardization.
In a goodwill message, Chairman of the Code of Conduct Bureau, CCB, Dr. Abdullahi Usman Bello, lauded SON and BSI for spearheading the launch, describing ISO 37003:2025 as “a robust framework for fraud prevention, detection, and response.” He expressed optimism that the initiative will strengthen Nigeria’s collective effort to entrench integrity and sanity across the nation.
Other speakers at the event included David Adamson of the British Standards Institution, the representative of the Minister of Industry, Trade and Investment, and Kevin Hyland who presented a paper on Criminality and Rule of Law: Impacts on Global Trade, as well as representatives of the ICPC, CBN and TUGAR.
The event also featured a declaration by SON of the official adoption of ISO 37003:2025 Fraud Control Management System for use in Nigeria.
