Olanipekun Olukoyede, the chairman of Nigeria’s Economic and Financial Crimes Commission, has emphasized the potential of blockchain technology and artificial intelligence (AI) in addressing illicit financial flows (IFFs) in Africa. Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted the annual loss of $88.6 billion in African countries due to IFFs. The conference serves as a platform for stakeholders across Africa to discuss and find solutions to IFFs and taxation challenges. Olukoyede stressed the importance of establishing strong 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 enhance asset tracking and recovery efforts.
Olukoyede also emphasized that recovering the funds lost to IFFs could significantly contribute to infrastructure, healthcare, and education development across the continent. He cited the successful repatriation of $311 million from the United States in 2020, which was linked to former Nigerian dictator Sani Abacha, as a practical example of international cooperation.
In Nigeria, there have been recent efforts to embrace blockchain technology and AI. The National Information Technology Development Agency (NITDA) restructured the National Blockchain Policy Steering Committee (NBPSC) in May to reassess the policies guiding the implementation of the country’s National Blockchain Policy. This review aims to keep up with blockchain innovations and involve more stakeholders to promote comprehensive adoption and successful execution.
Additionally, NITDA has advocated for the incorporation of AI into Nigeria’s security framework to improve outcomes. The agency’s Director General, Kashifu Inuwa, highlighted the potential of AI and the Internet of Things (IoT) in enhancing the security sector. NITDA is actively 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.
Overall, Nigeria is recognizing the transformative power of blockchain technology and AI in combating illicit financial flows and driving technological advancements in various sectors.