Nigeria's EFCC Chairman Advocates for Blockchain and AI to Combat Illicit Financial Flows
Summary:
Nigeria's Economic and Financial Crimes Commission (EFCC) Chairman, Mr. Olanipekun Olukoyede, highlights the need for blockchain technology and artificial intelligence (AI) in combatting Africa's extensive illegal financial activities. He projected the potential of these advanced tools in improving the tracking and reclaiming of assets. Nigeria has been making strides to embrace these technologies by restructuring committees and incorporating AI into their security framework.
The head of the Economic and Financial Crimes Commission (EFCC) in Nigeria, Mr. Olanipekun Olukoyede, recently underlined the urgent necessity of applying blockchain and artificial intelligence (AI) to curb the widespread illegal financial activities in Africa. Reports from local news indicate that during the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede shed light on the shocking annual loss of $88.6 billion experienced by African nations due to these unlawful monetary transactions.
The primary yearly event organized by the African Union (AU) on this issue is the Pan-African Conference on Illicit Financial Flows, which brings together different stakeholders across the continent to discuss the problem of illegal finances and taxation. The platform enables the attendees to exchange knowledge, tactics, and successful practices to tackle this financial issue.
Olukoyede, chairing this financial regulatory body, stressed the importance of setting up solid legal mechanisms and developing skills at various scales - national, regional, and global. He argued for the integration of modern tools such as data analysis, blockchain, and artificial intelligence to substantially improve the tracking and reclaiming of assets.
He emphasized that the reclamation of these funds could extensively ameliorate sectors like infrastructure, healthcare, and education across Africa. Citing successful reclaims like the $311 million repatriated from the US in 2020 related to ex-Nigerian State Head Sani Abacha, he showcased the effectiveness of international collaboration.
For anti-corruption moves to be fruitful, Olukoyede stressed the need for international leverage to secure collaboration from tax havens and countries with minimal taxation. He highlighted the need for potent promotion to enforce such collaboration.
However, recent developments have shown Nigeria's steps towards embracing blockchain and AI. Back in May, Nigeria's National Information Technology Development Agency (NITDA) reshaped the National Blockchain Policy Steering Committee to review the rules guiding Nigeria's National Blockchain Policy implementation.
The reevaluation is a stride to keep up with blockchain advancements and boosts its influence by accommodating more stakeholders, thus advocating widespread adoption and successful implementation.
In the same vein, NITDA in April vouched for incorporating AI into Nigeria’s defense mechanism to enhance results. The organization's director-general, Kashifu Inuwa, expressed that sectors like security and IT could collaboratively utilize technologies such as AI and the Internet of Things (IoT) to augment the defence sector.
The NITDA promotes AI's growth in Nigeria through schemes like the National Centre for Artificial Intelligence and Robotics (NCAIR), as well as the formation of the National Artificial Intelligence Policy.
Published At
6/29/2024 10:59:44 AM
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