Tax reforms will modernise, boost Nigeria’s economy – G24 chief

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Discover how ongoing Nigerian tax reforms are set to modernise the economy, boost domestic revenue, and foster sustainable growth, according to G-24 chief Read More: https://punchng.com/tax-reforms-will-modernise-boost-nigerias-economy-g24-chief/
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How Nigeria Is Mainstreaming ISO 37003:2025 To Tackle Fraud And Rebuild Trust SYLVESTER ENOGHASE I n a period defined by economic reform, fiscal pressure and a global race for investment, Nigeria, through the leadership of the Standard Organisation of Nigeria (SON), is pushing a clear message to markets and institutions alike: integrity is infrastructure. Since September 2025, the Standards Organisation of Nigeria (SON) has mounted a sustained national campaign to drive adoption of ISO 37003:2025, the international standard for Fraud Control Management Systems, positioning it as a cornerstone for transparency, competitiveness and long-term economic resilience. From the formal inauguration in Abuja to a high-level stakeholder engagement in Lagos, the momentum around the standard reflects both urgency and ambition. At stake is more than compliance. Officials, regulators and industry leaders frame ISO 37003 as a systemic tool to reduce fraud risks, strengthen governance and restore confidence in Nigeria’s business environment. It would be recalled in this context that the campaign began in earnest in September 2025 in Abuja, where the Federal Government inaugurated ISO 37003:2025 as part of a broader reform push aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda. Representing the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, Deputy Director for Reforms, and Mrs. Jachinma Agu, who delivered a message that set the tone for the months that followed: fraud is not merely a criminal issue, it is an economic drag. She described fraud as a “hidden tax on development,” one that inflates operating costs, erodes investor confidence and suppresses innovation. The new standard, she explained, offers a globally recognised framework for assessing fraud risks, implementing preventive controls and responding systematically to incidents. “This standard is not just another regulation,” Agu said at the inauguration. “It transforms fraud control from a matter of chance to a matter of systematic design.” Her appeal was directed at both public and private sectors. Ministries, departments and agencies were urged to lead adoption efforts to enhance transparency and service delivery, while business leaders were encouraged to view implementation not as a regulatory burden but as a strategic investment in reputation and sustainability. The policy framing was deliberate. Government officials presented ISO 37003 as a structural reform instrument capable of improving Nigeria’s competitiveness and attracting foreign direct investment. The standard, they argued, is part of a broader effort to align governance practices with global expectations. “Today, we are planting a tree of integrity whose roots will stabilise our business environment and whose branches will bear fruits of investment, sustainable growth and shared prosperity,” Agu stated. Analysing SON’s efforts in this regard, it is not out of place to note that Nigeria’s role in shaping the standard is beyond domestic adoption, This is as Nigeria holds a distinctive position in the evolution of ISO 37003. SON Director-General Dr. Ifeanyi Okeke emphasised that the country was not merely a recipient of the framework but a key architect in its development, having served as co-convenor and later convenor of the relevant ISO technical working group. That involvement, Okeke said, places Nigeria at the forefront of global standardisation in fraud control; a role he believes carries both responsibility and opportunity. “The ISO 37003:2025 Fraud Control Management System is a strategic tool to promote transparency and good governance,” he said. “Fraud has long undermined development, discouraged investment and eroded public trust. This standard helps organisations prevent, detect and respond, while embedding a culture of integrity.” He outlined differentiated benefits across sectors. In government, the standard is expected to reduce leakages and strengthen accountability. In the private sector, it serves as a credibility marker for investors and partners increasingly sensitive to governance risks. The initiative is backed by international collaboration. SON worked closely with the British Standards Institution (BSI) and received support from the UK’s Foreign, Commonwealth and Development Office. For BSI’s David Adamson, the milestone extends beyond Nigeria. “What matters most is effective implementation across organisations,” Adamson said. “ISO 37003 was designed to be a practical tool, not something that remains on the shelf.” He disclosed plans for continued cooperation through working groups, consultations and training programmes, as well as future expansion into related areas such as anti-money laundering standards. If Abuja marked the policy launch, the recent stakeholder engagement in Ikeja, Lagos signalled operational momentum. Hosted at the Radisson Hotel, the forum gathered regulators, enforcement agencies, financial institutions and industry leaders to translate the standard from concept into practice. The Lagos engagement reflected a shift from advocacy to capacity-building. Participants examined implementation pathways, sector-specific risks and mechanisms for embedding fraud management into governance structures. Addressing the forum, Dr. Okeke framed financial crime as an escalating threat to economic stability, pointing to the growing sophistication of fraud schemes and the systemic vulnerabilities they exploit. “Fraud erodes trust, weakens institutions and jeopardises sustainable development,” he told participants. “ISO 37003 provides a structured, scalable model organisations can adopt to strengthen internal controls and improve resilience.” The management systems approach embedded in ISO 37003 distinguishes it from conventional compliance frameworks. Rather than treating fraud as an episodic issue addressed through audits or enforcement actions, the standard integrates prevention and response into organisational design, governance structures, risk management processes and operational workflows. This integration, experts at the forum argued, is critical in an era where financial crimes are increasingly networked, technology-driven and cross-border in scope. Few statistics captured the urgency more starkly than those presented by Professor Oserheimen Osunbor, Chairman of SON’s National Technical Committee on Governance of Organisations. According to him, reported fraud cases surged by 350 percent between 2022 and 2024. That trajectory, he warned, underscores the limitations of reactive enforcement models and highlights the need for preventive, system-based approaches. “ISO 37003 provides tools for identifying risks, implementing preventive controls, establishing reporting mechanisms and ensuring continuous improvement,” Osunbor said. “Embedding fraud risk management into organisational systems allows institutions to move from reaction to prevention.” His intervention connected the standard to broader governance reforms, positioning it as complementary to existing anti-corruption and regulatory frameworks rather than a replacement. The Lagos forum also revealed the breadth of institutional alignment behind the initiative. Representatives from the Central Bank of Nigeria, Nigerian Financial Intelligence Unit, Economic and Financial Crimes Commission, Independent Corrupt Practices Commission and Special Control Unit Against Money Laundering participated in the engagement. Their presence underscored a central mes

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