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The head of Nigeria’s Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has proposed using Blockchain and AI to tackle illegal money movements in Africa. 
This revelation, shared by Mr. Olanipekun Olukoyede, Nigeria’s Economic and Financial Crimes Commission (EFCC) Chairman says this is the big problem affecting Africa’s stability and development. 
At a recent at the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede pointed out that African countries lose about $88.6 billion every year due to these illegal money flows. He stressed that if this money could be recovered, it would greatly improve things like roads, hospitals, and schools across Africa. 
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 Olukoyede Decries $88.6billion Lost to Illicit Financial Flows Annually in Africa The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Olanipekun Olukoyede, has disclosed that a whopping $88.6billion is lost to illicit financial flows in Africa annually.… <a href="https://t.co/JG4W4Ocres" target="_blank">pic.twitter.com/JG4W4Ocres</a>— EFCC Nigeria (@officialEFCC) <a href="https://twitter.com/officialEFCC/status/1806657586009346534?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 28, 2024</a>
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To fight this problem, the EFCC chief suggested using advanced computer systems, including blockchain and artificial intelligence. According to him, these modern technologies could help track and recover stolen money more effectively. 
Olukoyede also emphasized the need for better laws and more trained people to deal with these issues. He mentioned a success story where $311 million linked to a former Nigerian leader was returned from the United States in 2020. This shows how working together with other countries can help. 
The EFCC chief called for more pressure on places known as “tax havens” to cooperate in stopping these money crimes. 
This proposal fits with Nigeria’s recent efforts to use new technology. The country’s technology agency has been working on policies for blockchain and artificial intelligence in various areas. 
As African countries continue to struggle with illegal money movements, using these new technologies could be an important step in solving the problem. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/06/30/nigerias-crypto-market-is-valued-at-400-million-sec-reports/">Nigeria’s Crypto Market is Valued at $400 Million – SEC Reports</a> 
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Blockchain and AI are key to Fighting Financial Crime in Africa: Nigeria Official

The Crypto Times

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