Olanipekun Olukoyede, Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), has emphasized the potential of blockchain technology and artificial intelligence (AI) in combatting illicit financial flows (IFFs) across Africa.
Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede underscored the staggering $88.6 billion lost annually in African countries due to IFFs. This premier annual forum, convened by the African Union, gathers stakeholders continent-wide to address challenges related to IFFs and taxation, fostering the exchange of insights, strategies, and best practices.
The EFCC chair stressed the crucial need for robust legal frameworks and capacity building at national, regional, and international levels. He advocated for the adoption of advanced technologies like data analytics, blockchain, and AI to bolster efforts in tracking and recovering illicit assets.
Highlighting the potential impact of recovered funds, Olukoyede noted their capacity to significantly bolster infrastructure, healthcare, and education across Africa. He cited successful instances of international cooperation, such as the repatriation of $311 million linked to former Nigerian dictator Sani Abacha from the United States in 2020, as exemplary models.
Regarding Nigeria’s proactive stance on technological advancements, the National Information Technology Development Agency (NITDA) recently restructured the National Blockchain Policy Steering Committee (NBPSC) to enhance the implementation of the country’s blockchain policies. This initiative aims to stay current with blockchain innovations, involve more stakeholders, and ensure comprehensive adoption and effective execution.
Furthermore, NITDA has advocated for integrating artificial intelligence into Nigeria’s security framework to improve outcomes, citing potential benefits for the security and IT sectors through technologies like AI and the Internet of Things (IoT).
In summary, Olukoyede stressed that effective measures against corruption demand international pressure to secure cooperation from tax havens and jurisdictions with low taxation rates, underscoring the importance of robust advocacy efforts.
Source: Economic and Financial Crimes Commission