Nigerian Official Suggests Blockchain, AI against Illicit Financial Flows

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To address the Illicit Financial Flows in Africa, the chairman of Nigeria’s Economic and Financial Crimes Commission, Olukoyede Olanipekun has underlined tools like blockchain technology and artificial intelligence. Olukoyede emphasized the $88.6 billion lost annually in African countries due to IFFs at the Pan-African Conference on Illicit Financial Flows and Taxation. The financial watchdog chair stated that the funds could greatly enhance infrastructure, healthcare, and education across the continent if recovered. He also underscored the need to establish robust legal frameworks and capacity building at regional, national, and international levels.