Blockchain and AI are key to fighting financial crime in Africa: Nigerian official

The head of the Nigeria Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has proposed using Blockchain and AI to counter illegal money movements in Africa.

This revelation, shared by Olanipekun Olukoyede, Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), says this is the big problem affecting Africa’s stability and development.

At a recent pan-African conference on illicit financial flows and taxation, Olukoyede highlighted that African countries lose around $88.6 billion every year to these illicit money flows. He stressed that if this money could be recovered, it would greatly improve things like roads, hospitals and schools across Africa.

To combat this problem, the EFCC boss suggested using advanced computing systems, including blockchain and artificial intelligence. According to him, these modern technologies could help track and recover stolen money more effectively.

Olukoyede also stressed the need for better laws and more qualified people to address these issues. He cited a success story where $311 million tied to a former Nigerian leader was returned by the United States in 2020. This shows how collaboration with other countries can help.

The EFCC boss has called for more pressure on places known as “tax havens” to cooperate in stopping these financial crimes.

This proposal fits with Nigeria’s recent efforts to utilize new technologies. The country’s technology agency has been working on blockchain and artificial intelligence policies across various sectors.

As African countries continue to struggle with illegal money movements, the use of these new technologies could be an important step in solving the problem.

Read also: Nigerian Cryptocurrency Market Valued at $400 Million – SEC Reports

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