Nigerian official advocates use of blockchain and artificial intelligence to combat illicit financial flows

The Chairperson of Nigeria's Economic and Financial Crimes Commission, Olanipekun Olukoyede, has highlighted blockchain technology and artificial intelligence (AI) as tools to tackle illicit financial flows (IFFs) in Africa. Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, Olanipekun Olukoyede highlighted that African countries lose $88.60 billion annually due to illicit financial flows. If recovered, these funds would significantly improve infrastructure, healthcare and education across the continent. Effective anti-corruption efforts require international pressure to ensure cooperation from tax havens and low-tax jurisdictions and highlight the need for strong advocacy.