Blockchain and AI are key to fighting financial crime: Nigeria

The head of Nigeria’s Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has proposed using Blockchain and Artificial Intelligence to tackle illegal money movements in Africa.

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

At a recent pan-African conference on illicit financial flows and taxation, Olukoyede stressed that African countries lose approximately $88.6 billion every year due to these illegal 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 chief suggested using advanced information technology, 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 trained personnel to handle these issues. He cited a success story where $311 million linked to a former Nigerian leader was returned by the United States in 2020. This shows how collaboration with other countries can help.

The EFCC chief called for greater 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 Crypto Market Valued at $400 Million – SEC Reports

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