AI and Crypto Tools Successfully Championed by Nigerian Official to Combat Illicit Financial Flows

Sarah Usman
By Sarah Usman 2 comments
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A top Nigerian financial official has advocated for the integration of blockchain technology and artificial intelligence (AI) in an attempt to clamp down on illicit financial flows (IFFs), costing the continent billions yearly. Using these technologies, lost funds may be recovered, and the continent’s development in important sectors such as infrastructure, healthcare, and education would be much enhanced.

AI and Crypto: Harnessing Technology to Fight Financial Crimes

Olanipekun Olukoyede, Chairman of Nigeria’s Economic and Financial Crimes Commission, is spearheading this initiative from the ground up. Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, he underlined the estimated $88.6 billion annual losses African nations incurred from IFFs. An important event of the African Union, the conference brings together participants from all over the continent to share ideas and tactics for reducing IFFs and strengthening taxation systems. The integration of AI and crypto technologies could offer innovative solutions to these challenges.

Olukoyede underlined the need to create strong legal systems and improve capacity building in national, regional, and international spheres. To help trace and recover assets, he passionately advocated for the acceptance of cutting-edge technology, including artificial intelligence, blockchain, and data analytics. Using these instruments will enable African countries to recover lost assets and fortify their legal and financial systems against corruption. The implementation of AI and crypto technology can further enhance these efforts, leveraging automation and encrypted security to streamline processes and safeguard data.

In a noteworthy instance of effective global cooperation, Olukoyede cited the $311 million recovered from the United States in 2020—funds originally connected to former Nigerian dictator Sani Abacha. This recovery emphasises the possibilities of worldwide cooperation in combating corruption and reclaiming significant money for national development.

“This recovery was achieved through collaboration with international partners and has been allocated to vital infrastructure projects such as the Second Niger Bridge and the Lagos-Ibadan Expressway,” Olukoyede said.

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AI and Crypto: Pioneering a New Frontier in Nigeria

Already, Nigeria is starting to move specifically to include blockchain and artificial intelligence into its national agenda. The National Blockchain Policy Steering Committee (NBPSC) was recently reorganised by the National Information Technology Development Agency (NITDA). This reorganisation seeks to review and update the rules controlling the execution of Nigeria’s National Blockchain Strategy, guaranteeing that the nation remains a leading-edge blockchain innovator.

Furthermore, in April, NITDA advocated adding artificial intelligence to Nigeria’s security system to improve operational performance. Director-General of NITDA Kashifu Inuwa underlined how combining artificial intelligence and the Internet of Things (IoT) might transform the security scene by increasing efficiency and responsiveness.

Through initiatives such as the National Centre for Artificial Intelligence and Robotics and the formulation of a National AI Policy, NITDA is actively advancing the expansion of artificial intelligence in Nigeria. These initiatives are a component of a larger plan to maximise digital technologies’ possibilities to support public sector openness and efficiency and drive economic development.

AI and Crypto: The Role of Cryptocurrencies in Financial Transparency

Although blockchain and artificial intelligence (AI) are front and foremost, cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are also quite important in the larger framework of financial openness. Underlying blockchain technology, these digital currencies provide security and traceability in transactions necessary to reduce financial crime like money laundering.

Ensuring economic security and stopping illegal financial flows depend on the integration of artificial intelligence and crypto tools, which are becoming increasingly important as the global scene of finance and technology develops. Countries like Nigeria, leading the charge, inspire fresh hope for notable improvements in governance and economic development all over Africa.

Stay tuned to The BIT Journal, your main source for the latest crypto news and updates, to have more ideas on the newest advancements in AI and crypto and their effects on finance and governance.

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