The financial watchdog chair said that these funds could significantly enhance infrastructure, healthcare, and education across the continent if recovered.
The chairman of Nigeria’s Economic and Financial Crimes Commission , Mr. Olanipekun Olukoyede, has emphasized the urgent need to leverage blockchain technology and artificial intelligence to address Africa’s rampant illicit financial flows .to local media, at the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted the staggering $88.6 billion lost annually from African countries due to IFFs.
The financial watchdog chair said establishing robust legal frameworks and capacity building at national, regional, and international levels is essential. Olukoyede advocated for adopting advanced technologies such as data analytics, blockchain, andOlukoyede stressed that these funds if recovered, could significantly enhance infrastructure, healthcare, and education across the continent.
In May, Nigeria’s National Information Technology Development Agency restructured the National Blockchain Policy Steering Committee to reassess the policies guiding the implementation of theinto Nigeria’s security framework to improve outcomes. The agency’s director-general, Kashifu Inuwa, stressed that the security and IT sectors can work together to use technologies like artificial intelligence and the Internet of Things to improve the security sector.