The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, has called for the adoption of blockchain technology and artificial intelligence (AI) to track and recover the estimated $88.6 billion stolen from African countries annually through illicit financial flows (IFFs). Olukoyede emphasized the need for these advanced strategies during his keynote address at the Pan-African Conference on Illicit Financial Flows and Taxation.
Highlighting the severe economic impact, Olukoyede noted that Africa loses $88.6 billion each year to IFFs—funds that could be redirected towards crucial infrastructure, healthcare, and education. He pointed to successful recoveries, such as the $311 million linked to Nigeria’s former Head of State, Sani Abacha, repatriated from the United States in 2020, as examples of the effectiveness of international cooperation.
Illicit financial flows have long posed a significant challenge to African countries. The infamous Abacha loot, for instance, has seen multiple recoveries over the years. “Illicit financial flows pose a grave challenge to Africa’s economic stability and development,” Olukoyede stated. “Over $88.6 billion is illicitly siphoned from the continent annually, funds that could otherwise be channeled towards critical infrastructure, healthcare, and education.”
Olukoyede underscored the importance of international collaboration in combating IFFs, citing the Stolen Asset Recovery Initiative (StAR), a partnership between the World Bank and the United Nations Office on Drugs and Crime (UNODC), as “pivotal” in facilitating these efforts. He also mentioned President Bola Tinubu’s recent expression of gratitude to France for returning $150 million stolen by a former Nigerian Head of State, emphasizing the role of global cooperation in asset recovery.
To address the persistent issue of IFFs, Olukoyede proposed the integration of blockchain technology and AI. These technologies can enhance the tracking of illicit funds, improve transparency, and ensure more efficient recovery processes. Blockchain technology, known for its secure and transparent ledger system, can be instrumental in tracking financial transactions, while AI can analyze vast amounts of data to detect patterns indicative of financial crimes.
