Olanipekun Olukoyede, Chairman of Nigeria's Economic and Financial Crimes Commission, has emphasized the transformative potential of blockchain technology and artificial intelligence (AI) in tackling illicit financial flows (IFFs) across Africa. Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted the staggering annual loss of $88.6 billion due to IFFs in African countries.

The conference, a pivotal gathering under the African Union, serves as a platform for regional stakeholders to collaborate on strategies to combat IFFs and strengthen tax regimes. Olukoyede stressed the urgent need for robust legal frameworks and capacity building at national, regional, and international levels.

Advocating for the adoption of advanced technologies, Olukoyede underscored the role of data analytics, blockchain, and AI in enhancing the tracking and recovery of illicit assets. He pointed to notable successes, including the repatriation of $311 million linked to former Nigerian dictator Sani Abacha from the United States in 2020, as evidence of effective international cooperation.

Highlighting the potential impact of recovered funds, Olukoyede emphasized their potential to significantly boost infrastructure, healthcare, and education across the continent. He also called for sustained international pressure on tax havens and low-tax jurisdictions to facilitate cooperation in anti-corruption efforts.

Nigeria has recently ramped up efforts to integrate blockchain and AI into its governance frameworks. The National Information Technology Development Agency (NITDA) has restructured the National Blockchain Policy Steering Committee (NBPSC) to align with evolving technological landscapes. This move aims to bolster Nigeria's position in blockchain innovation by engaging broader stakeholders and promoting comprehensive adoption.

Similarly, NITDA has advocated for the incorporation of artificial intelligence in national security strategies, enhancing sector outcomes through initiatives like the National Centre for Artificial Intelligence and Robotics. With ongoing developments in policy and technology, Nigeria seeks to leverage these advancements to strengthen its economic resilience and governance capabilities in combating financial crimes.