Nigeria’s Economic and Financial Crimes Commission (EFCC) Chairman, Olanipekun Olukoyede, has stressed the crucial role of blockchain and AI in tackling financial crime across Africa.
Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, he highlighted that the continent loses approximately $88.6 billion annually due to illegal money flows, significantly impacting development in infrastructure, healthcare, and education.
Olukoyede proposed using advanced technologies like blockchain and artificial intelligence to trace and recover illicit funds.
These tools can enhance the ability to monitor transactions and identify suspicious activities, providing a modern approach to a persistent problem.
He also stressed the importance of strengthening legal frameworks and training personnel to effectively combat financial crimes.
Citing a notable success, he mentioned the recovery of $311 million linked to a former Nigerian leader from the United States in 2020, citing the benefits of international cooperation.
The EFCC Chairman called for increased pressure on tax havens to collaborate in curbing these financial crimes, aligning with Nigeria’s broader strategy to incorporate technology into governance.
The nation has been developing policies to integrate blockchain and AI across various sectors, reflecting a commitment to innovation.
