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Olanipekun Olukoyede, the Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), has underscored the potential of blockchain technology and artificial intelligence (AI) in tackling illicit financial flows (IFFs) across Africa.
Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted the staggering $88.6 billion lost annually by African countries due to IFFs. This conference, a premier annual forum of the African Union, gathers stakeholders from across the continent to share insights, strategies, and best practices for addressing IFFs and taxation challenges.
Olukoyede emphasized the importance of establishing robust legal frameworks and capacity building at national, regional, and international levels. He advocated for the adoption of advanced technologies, including data analytics, blockchain, and AI, to enhance asset tracking and recovery efforts.
According to Olukoyede, recovering funds lost to IFFs could significantly bolster infrastructure, healthcare, and education across Africa. He cited successful recoveries, such as the $311 million repatriated from the United States in 2020, linked to former Nigerian dictator Sani Abacha, as examples of effective international cooperation.
Olukoyede stressed that effective anti-corruption efforts require international pressure to ensure cooperation from tax havens and low-tax jurisdictions, calling for strong advocacy in this area.
Blockchain and AI in Nigeria
Nigeria has recently made strides in embracing blockchain technology and AI. In May, the National Information Technology Development Agency (NITDA) restructured the National Blockchain Policy Steering Committee (NBPSC) to reassess the policies guiding the implementation of the country’s National Blockchain Policy. This review is part of efforts to stay abreast of blockchain innovations and expand its reach by involving additional stakeholders, promoting comprehensive adoption and successful execution.
In April, NITDA advocated incorporating AI into Nigeria’s security framework to improve outcomes. The agency’s Director General, Kashifu Inuwa, highlighted how AI and the Internet of Things (IoT) could enhance the security sector. NITDA is promoting AI growth in Nigeria through initiatives like the National Centre for Artificial Intelligence and Robotics and the development of a National Artificial Intelligence Policy.
By leveraging advanced technologies such as blockchain and AI, Nigeria aims to strengthen its efforts against IFFs and foster economic development through enhanced financial integrity and security.
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