Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has urged public and private sector organisations in Nigeria to embed fraud risk assessment and control into their governance structures to strengthen transparency and accountability.
Olukoyede spoke in Abuja on Tuesday at the launch of ISO 37003:2025 fraud control management system, organised by the Standards Organisation of Nigeria (SON) in collaboration with the British Standards Institution (BSI).
He was represented at the event by Ibrahim Shazali, director of fraud risk assessment and control at the EFCC.
In his keynote address titled “Integrating Fraud Risk Assessment and Control into Governance of Organisations”, Olukoyede described fraud as “a pervasive and complex issue that inflicts significant financial losses and reputational damage on organisations.”
He warned that unchecked fraud could cripple institutions and hinder them from fulfilling their mandates.
“Fraud risk assessments help organisations identify, analyse, and mitigate potential risks,” the EFCC chairman said.
These risks include asset misappropriation, corruption, and falsified financial statements. Recognising these threats, both internal and external, is crucial for implementing effective fraud controls.”
The EFCC chairman highlighted that ISO 37003:2025 provides a globally recognised framework for preventing, detecting, and responding to fraud in a systematic and sustainable manner.
Reaffirming EFCC’s commitment, Olukoyede disclosed that the commission established the department of fraud risk assessment and control (DFRAC) in 2024 to conduct assessments across ministries, departments, and agencies (MDAs).
“DFRAC’s objective is to identify vulnerabilities and strengthen ethics and integrity systems in MDAs,” he said.
“Measures such as role segregation, strict approval processes, cybersecurity, transparent operations, whistleblowing mechanisms, and awareness programmes have proven effective in improving governance and compliance.”
He added that the commission will extend these initiatives to state-level institutions, stressing that fraud prevention requires collective responsibility.
“Our partnership with ISO and SON is critical in promoting international best practices. By sharing knowledge and resources, organisations can build stronger defences against fraud and foster a culture of integrity,” he said.
Chukunonso Okeke, SON director general, represented by Talatu Ethong, described the launch as “a historic occasion and a watershed moment in Nigeria’s standardisation journey.”
“With ISO 37003:2025, we embrace a structured framework for fraud prevention, detection, and response,” Okeke said, praising Nigeria’s leadership in the standard’s development through SON.
He also acknowledged the role of Oserheimen Osunbor in positioning Nigeria as a global leader in fraud control standardisation.
Also speaking, Abdullahi Bello, Code of Conduct Bureau (CCB) chairman, commended SON and BSI for spearheading the initiative, noting that the new standard will boost efforts to entrench integrity nationwide.
The event concluded with SON’s formal declaration of the adoption of ISO 37003:2025 Fraud Control Management System for use in Nigeria.
