Nigerian authorities support blockchain, AI in illegal money flow
The Chairman of Nigeria's Economic and Financial Crimes Commission, Olanipekun Olukoide, has described blockchain technology and artificial intelligence (AI) as a tool to tackle illicit financial flows in Africa.
According to local media reports, Olukoide, at the Pan-African Conference on Illicit Financial Flows and Tax Issues, highlighted the $88.6 billion lost annually in African countries due to IFFs.
Fight against illegal money flow
The Summit is the African Union's premier annual forum. It brings together stakeholders from across Africa to discuss IFF and taxes. This conference will facilitate the sharing of insights, strategies and best practices to address IFF challenges.
The chairman of the financial regulator said that it is important to develop strong legal frameworks and build capacity at the national, regional and international levels. Olukoide advocated the use of advanced technologies such as data analytics, blockchain and artificial intelligence to enhance asset monitoring and recovery efforts.
The chairman of the financial watchdog said the money could significantly boost infrastructure, health care and education across the continent if recovered. He cites successful recoveries such as the $311 million returned from the US in 2020, including successful international cooperation with Nigerian dictator Sani Abacha.
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According to Olukoide, effective anti-corruption efforts require international pressure to ensure cooperation from tax havens and low tax jurisdictions, emphasizing the need for strong advocacy.
Blockchain and AI in Nigeria
Nigeria has recently taken steps to embrace blockchain technology and AI.
In May, Nigeria's National Information Technology Development Agency (NITDA) set up the National Blockchain Policy Steering Committee (NBPSC) to re-evaluate the policies that will guide the implementation of the country's National Blockchain Policy.
The review forms part of efforts to introduce blockchain innovations and engage more stakeholders to widen its reach, promoting widespread adoption and successful implementation.
In April, the NTDA advocated for the inclusion of artificial intelligence in Nigeria's security framework to improve outcomes. According to the agency's Director General, Kashifu Inua, the security and IT sectors can improve the security sector by using technologies such as AI and the Internet of Things (IoT).
NITDA is promoting the development of AI in Nigeria through initiatives such as the National Artificial Intelligence and Robotics Center and the National Artificial Intelligence Policy.
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