SON, BSI, and Global Experts Join Forces to Strengthen Nigeria’s Fight Against Fraud with New International Standards
In a strategic effort to enhance Nigeria’s integrity and economic stability, the Standards Organisation of Nigeria (SON), together with the British Standards Institution (BSI) and the UK Government, convened a high-level stakeholder forum in Lagos.
The event focused on adopting and implementing internationally recognized governance standards, notably ISO 37003:2025 (Fraud Control Management Systems) and the innovative ISO/NP 37013 framework for Anti-Money Laundering (AML).
Delivering the opening address on behalf of Dr Ifeanyi Chukwunonso Okeke, Director General of SON, Yunusa Mohammed, Head of Standards Development, stated that effective governance is now a “strategic imperative for national development, economic competitiveness, and public trust”. He urged stakeholders to move “deliberately from theory to practice,” noting that the true value of these ISO standards lies in their “implementation and impact” rather than mere publication.
Prof. oserheimen a. osunbor, Chairman of the National Technical Committee on Governance of Organisations, highlighted a staggering rise in financial crime. He revealed that “fraud and forgery cases in the banking sector witnessed an 88% rise in reported cases” between 2020 and 2023, with a “350% increase in total loss incurred”.
To combat this, Prof. Osunbor advocated for high-level policy intervention. “It is recommended that ISO 37003:2025 be adopted as the national framework for fraud control, to be supported by an executive order of the President mandating its implementation across all public institutions,” he stated. He further explained that the current roadmap includes a phased national capacity-building plan to integrate these controls into Nigeria’s governance and business systems.
Representing Dr Blaise Ijebor, Director of Risk Management at the Central Bank of Nigeria (CBN), Oluwatosin Alli-Osori (Principal Risk Analyst) emphasised the systemic danger of financial crime. “Fraud erodes public trust, undermines our financial stability, and imposes steep economic costs for all of us,” she remarked.
Alli-Osori outlined the CBN’s commitment to closing gaps between existing local policies and global requirements. “What we want to do going forward is to actually do a robust gap analysis… against all the specifications of ISO 37003. We hope that within the next 9 to 12 months, we would have a well-coordinated rollout and adoption by the entire industry”. She noted that the CBN treats fraud risk as a “governance issue that must be integrated enterprise-wide” rather than an isolated control matter.
Dr Eze Chibuzor Johnson, Deputy Commander of the Economic and Financial Crimes Commission (EFCC), provided a sobering assessment of the scale of money laundering. “Money laundering is the oxygen that sustains illicit economies. It is that crime that fuels other crimes,” he stated. He reported that in 2024 alone, the EFCC successfully investigated and prosecuted 2,967 cases, recovering over 364 billion Naira and 365 million dollars.
Dr Johnson highlighted the evolving tactics of criminals, such as “smurfing” or “structuring” transactions to stay just below the 5 million Naira regulatory threshold. “The automated systems in the banks won’t pick you up because it didn’t get to 5 million. You start seeing transactions of 4.95 million… you know immediately they are structuring,” he explained.
Duncan Jepson, Project Leader for ISO/TC 309/WG 14, reminded the forum that financial data represents human lives. “When we talk about predicate offences, we’re not just talking about ones and zeros pumping through the system. We are talking about people’s lives,” he said. David Adamson of the BSI added that the partnership with Nigeria is strategic, noting, ” “BSI and the UK government very much value the relationship with Nigeria and also the potential for what we’re able to do in standardisation particularly”.
The event panel session addressed the “implementation gap” in Nigeria’s integrity framework.
Speaking during the session, Oluwatosin Alli-Osori (CBN) warned that “fraudsters are miles ahead of many regulators” and called for the adoption of more sophisticated technology and better consumer education to protect the vulnerable.
Mr. Jimoh Oladapo Suleiman, Deputy Director, Independent Corrupt Practices & Other Related Offences Commission (ICPC) stressed the importance of tracking illicit funds that move through cycles of shell companies. “We need to collaborate for us to see so many things, you discover that money has moved somewhere else,” he observed.
Dr. Johnson Oluata, 1st Vice President, Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) proposed a unified identity management system for Nigeria. “Unless and until all these collapse into one… the issue of fraud will be controlled, mitigated, and detected with professional accuracy,” he argued, also suggesting that standards be translated into local languages like Yoruba, Hausa, and Igbo to reach all Nigerians.
Dr. Eze Chibuzor Johnson (EFCC) concluded by noting that the EFCC uses the Fraud Control Management Standard as a “preventive” tool to assess high-risk government departments (MDAs). “We find that standard as a very, very useful tool as we go out to agencies to strengthen the systems”.
Dr. Bola Shotunde, COO of the Law Enforcement Support & Coordination Sector, Nigerian Financial Intelligence Unit (NFIU) and other experts on the panel collectively advocated for a “community of practice” to eliminate the silos between agencies and ensure Nigeria remains off international “grey lists”.
The forum concluded with a unified call for all public and private sector leaders to view ISO standards not as “compliance burdens” but as essential enablers of national transparency and resilience