At the Pan-African Conference on Illicit Financial Flows and Taxation, Nigeria’s Economic and Financial Crimes Commission (EFCC) chair, Olanipekun Olukoyede, underscored the pivotal role of blockchain technology and artificial intelligence (AI) in addressing Africa’s annual loss of $88.6 billion to illicit financial flows (IFFs).
Olukoyede highlighted that leveraging blockchain and AI could significantly enhance Africa’s capacity to recover these funds, which, if repatriated, could substantially boost infrastructure, healthcare, and education across the continent.
The conference, a key annual gathering convened by the African Union, serves as a platform for stakeholders to exchange strategies and best practices aimed at tackling IFFs. Olukoyede stressed the importance of robust legal frameworks and capacity building at national, regional, and international levels to strengthen asset tracking and recovery efforts.
Nigeria has been proactive in integrating advanced technologies into its anti-corruption strategies. Recently, the National Information Technology Development Agency (NITDA) has revamped the National Blockchain Policy Steering Committee to enhance policy frameworks governing blockchain implementation. This initiative aims to broaden stakeholder involvement and ensure comprehensive adoption of blockchain technology.
In parallel, NITDA has also emphasized the integration of AI into Nigeria’s security architecture to bolster operational efficiencies. Director General Kashifu Inuwa highlighted the potential of AI and IoT in transforming Nigeria’s security sector, underscoring ongoing efforts through initiatives like the National Centre for Artificial Intelligence and Robotics and the development of a National Artificial Intelligence Policy.
Olukoyede emphasized the need for international cooperation to compel tax havens and jurisdictions with low tax rates to actively participate in global anti-corruption initiatives. He cited successful repatriation efforts, such as the recovery of $311 million linked to former Nigerian dictator Sani Abacha from the United States in 2020, as examples of effective international collaboration.
By harnessing blockchain technology and AI, Nigeria aims to strengthen its institutional frameworks and technological capabilities, paving the way for more effective responses to combat illicit financial flows and promote sustainable development across Africa.
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