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Africa Can Use Blockchain and AI to Curb Illicit Finance: Nigeria’s Anti-Corruption Chief
Blockchain technology and artificial intelligence (AI) have a role to play in Africa’s fight against illicit finance, according to the head of Nigeria’s anti-corruption agency.
Olanipekun Olukoyede, head of the Economic and Financial Crimes Commission, spoke at the Pan-African Conference on Illicit Financial Flows and Taxation in Tunisia. He revealed that the region loses more than $88 billion a year to illicit finance, money that could be used to finance critical infrastructure, education or healthcare.
The Pan-African Conference on Illicit Financial Flows and Taxation is an annual event organized by the African Union. This year’s agenda was to use the region’s fiscal agenda to combat illicit finance.
Olukoyede, who delivered the keynote address, called on African Nations to work together through the AU’s Common Africa Position on Asset Recovery. The region’s cooperation with global partners is also key, he added, citing the recovery of over 300 million dollars hidden in the United States by former Nigerian dictator Sani Abacha.
Olukoyede added that technology will play a key role in curbing the flow of illicit finance in Africa. He cited artificial intelligence, data analytics and blockchain as three key technologies that African nations can leverage.
Blockchain industry leaders in Nigeria have long called for the government to embrace the technology. While the country leads Africa in blockchain integration, many believe the government can do much more.
Speaking to CoinGeek, Obinna Iwuno, who heads the Stakeholders in Blockchain Association of Nigeria (YesBAN), noted that blockchain can improve transparency within government, increasing accountability. Africa is estimated to lose $140 billion annually due to corruption and Blockchain can help eliminate many of the loopholes exploited by corrupt officials, Iwuno added.
While the EFCC leader has called for blockchain adoption, he has maintained an anti-digital asset stance. His agency has been at the forefront of this year’s “crypto” crackdown, including the arrest and the indictment of Binance officials.
Olukoyede argued that digital assets have often been used in illegal activities. During a stakeholders meeting in May, he declared“[Digital assets] are potential platforms for financing terrorism. Many of us don’t understand that… They used some of these young people. Some of them don’t know that the people who gave them money to trade are people who finance terrorism.”
For artificial intelligence (AI) to operate within the law and thrive in the face of growing challenges, it must integrate an enterprise blockchain system that ensures the quality and ownership of the data input, allowing data to be kept secure while ensuring its immutability. Check out CoinGeek’s coverage on this emerging technology to learn more Why Enterprise Blockchain Will Be the Backbone of AI.
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