The chairman of Nigeria's Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has proposed leveraging blockchain technology and artificial intelligence (AI) to combat illicit financial flows (IFFs) across Africa. Olukoyede highlighted that African nations lose $88.6 billion annually due to IFFs, as discussed at the Pan-African Conference on Illicit Financial Flows and Taxation, organized by the African Union.

The summit gathers various stakeholders to address IFFs and taxation, fostering dialogue to devise effective strategies. Olukoyede stressed the importance of robust legal frameworks and capacity building at national, regional, and international levels. He also advocated for utilizing advanced technologies like data analytics, blockchain, and AI to enhance asset tracking and recovery efforts.

Recovering these funds, Olukoyede argued, could significantly improve infrastructure, healthcare, and education across Africa. He cited successful examples such as the repatriation of $311 million linked to former Nigerian dictator Sani Abacha from the U.S. in 2020, underscoring the effectiveness of international cooperation.

Olukoyede emphasized the need for international pressure to ensure cooperation from tax havens and jurisdictions with low taxes for effective anti-corruption measures. Nigeria has recently begun integrating blockchain technology and AI into its systems. In May, the National Information Technology Development Agency (NITDA) restructured the National Blockchain Policy Steering Committee (NBPSC) to review regulations governing Nigeria’s National Blockchain Policy. Additionally, NITDA has promoted the integration of AI into Nigeria’s national security framework to enhance outcomes. Recognizing the benefits, NITDA is leading AI development efforts in Nigeria through initiatives like the National Centre for Artificial Intelligence and Robotics and the formulation of a National Artificial Intelligence Policy.