The chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, underscored the potential of blockchain technology and artificial intelligence (AI) in combating illicit financial flows (IFFs) across Africa.
At the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted the staggering annual loss of $88.6 billion in African nations due to IFFs. This conference, a key annual event under the African Union, convenes stakeholders from across the continent to discuss strategies and best practices for addressing these challenges.
Olukoyede emphasized the importance of establishing robust legal frameworks and enhancing capacity building at national, regional, and international levels. He advocated for leveraging advanced technologies such as data analytics, blockchain, and AI to strengthen efforts in tracking and recovering illicit assets.
He noted that the recovered funds could significantly bolster infrastructure, healthcare, and education throughout Africa. He cited successful examples like the repatriation of $311 million linked to former Nigerian dictator Sani Abacha from the United States in 2020, showcasing effective international cooperation.
In Nigeria, recent initiatives reflect a growing embrace of blockchain technology and AI. The National Information Technology Development Agency (NITDA) restructured the National Blockchain Policy Steering Committee (NBPSC) to review and enhance the country’s policies governing blockchain implementation. This effort aims to keep pace with blockchain innovations, broaden stakeholder involvement, and ensure comprehensive adoption and successful execution.
Additionally, NITDA has advocated for integrating artificial intelligence into Nigeria’s security framework to enhance outcomes. Kashifu Inuwa, the agency’s Director General, highlighted the potential of AI and the Internet of Things (IoT) in advancing the security sector. NITDA continues to foster AI growth in Nigeria through initiatives like the National Centre for Artificial Intelligence and Robotics and the development of a National Artificial Intelligence Policy.
The EFCC chairman stressed the necessity of international pressure to secure cooperation from tax havens and low-tax jurisdictions, underscoring the importance of robust advocacy in effective anti-corruption efforts.
This transformational approach underscores Nigeria’s commitment to leveraging cutting-edge technologies to tackle financial crime and drive sustainable development across the continent.