EFCC chief seeks use of blockchain, AI solutions, global cooperation to tackle Africa’s financial crimes

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Nigeria’s Economic and Financial Crimes Commission (EFCC) Chairman, Olanipekun Olukoyede, highlighted the crucial role of blockchain and AI can play in tackling financial crime across Africa.

Olukoyede, who spoke at the Pan-African Conference on Illicit Financial Flows and Taxation, said the continent loses approximately $88.6 billion annually due to illegal money flows.

According to him, this significantly impacts on development of infrastructure, healthcare, and education, among others.

Olukoyede, who suggested use of advanced technologies like blockchain and artificial intelligence to trace and recover illicit funds, explained that these tools can enhance the ability to monitor transactions and identify suspicious activities, providing a modern approach to a persistent problem.

He also empasized the importance of strengthening legal frameworks and training personnel to effectively combat financial crimes.

He gave an example of the success the commission recorded with the recovery of $311 million linked to a former Nigerian leader from the United States in 2020.

The EFCC boss, who stressed on the benefits of international cooperation, canvassed for increased pressure on tax havens to collaborate in curbing these financial crimes, aligning with Nigeria’s broader strategy to incorporate technology into governance.

Indeed, the nation has been developing policies to integrate blockchain and AI across various sectors, reflecting a commitment to innovation.