Blockchain
Nigerian Official Backs Blockchain, AI Against Illicit Financial Flows — TradingView News
The Chairman of the Nigerian Economic and Financial Crimes Commission, Olanipekun Olukoyede, has highlighted blockchain technology and artificial intelligence (AI) as tools to counter illicit financial flows (IFF) in Africa.
According to local media, Olukoyede highlighted, during the Pan-African Conference on Illicit Financial Flows and Taxation, the annual loss of $88.6 billion in African countries due to illicit flows.
Fight against illicit financial flows
The conference is the main annual forum of the African Union. It brings together stakeholders across Africa to discuss IFFs and taxation. This conference facilitates the sharing of insights, strategies and best practices to address the IFF challenge.
The president of the financial watchdog said it was essential to establish strong legal frameworks and strengthen capacities at national, regional and international levels. Olukoyede has advocated for the adoption of advanced technologies such as data analytics, blockchain and artificial intelligence to improve asset tracking and recovery efforts.Coin’s Telegraph
The chairman of the Financial Supervisory Committee said that, if recovered, the funds could significantly improve infrastructure, healthcare and education across the continent. He cited successful recoveries, such as the $311 million repatriated from the United States in 2020 linked to former Nigerian dictator Sani Abacha, as an example of practical international cooperation.
According to Olukoyede, effective anti-corruption efforts require international pressure to ensure cooperation from tax havens and low-tax jurisdictions, underlining the need for strong support.
Blockchain and Artificial Intelligence in Nigeria
Nigeria has recently taken steps to adopt blockchain technology and artificial intelligence.
In May, Nigeria’s National Information Technology Development Agency (NITDA) restructured the National Blockchain Policy Steering Committee (NBPSC) to reevaluate policies guiding the implementation of the country’s national blockchain policy.
The review is part of efforts to stay abreast of blockchain innovations and expand its reach by engaging additional stakeholders, promoting global adoption and successful execution.
In April, NITDA supported the integration of artificial intelligence into Nigeria’s security framework to improve outcomes. The agency’s director general, Kashifu Inuwa, said the security and IT sectors can use technologies such as AI and the Internet of Things (IoT) to improve the security sector.
NITDA is promoting the growth of AI in Nigeria through initiatives such as the National Centre for Artificial Intelligence and Robotics and developing a National AI Policy.