The financial watchdog chair said that if recovered, the funds could significantly enhance infrastructure, healthcare and education across the continent.
The chairman of Nigeria’s Economic and Financial Crimes Commission, Olanipekun Olukoyede, has highlighted blockchain technology and artificial intelligence (AI) as tools to address illicit financial flows (IFFs) in Africa.
According to local media, Olukoyede highlighted the $88.6 billion lost annually in African countries due to IFFs at the Pan-African Conference on Illicit Financial Flows and Taxation.
The conference is the premier annual forum of the African Union. It brings together stakeholders across Africa to discuss IFFs and taxation. This conference facilitates sharing insights, strategies and best practices to address the challenge of IFFs.