EFCC Chairman recommends blockchain, AI for tracking and recovering $88.6 billion stolen from Africa 

Mr. Olanipekun Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has called for the adoption of blockchain technology and artificial intelligence (AI) to track and recover the estimated $88.6 billion annually lost from African countries through illicit financial flows (IFFs).

Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted the urgent need for advanced strategies to curb this economic drain, which severely impacts critical sectors like infrastructure, healthcare, and education across the continent.

The EFCC Chairman emphasized that illicit financial flows pose a grave threat to Africa’s economic stability and development. He cited successful asset recoveries, including the repatriation of $311 million linked to Nigeria’s former Head of State, Sani Abacha, as examples of effective international cooperation under initiatives like the Stolen Asset Recovery Initiative (StAR), facilitated by the World Bank and the UN Office on Drugs and Crime (UNODC).

Olukoyede proposed several key strategies to address IFFs, including enhancing international cooperation through frameworks like StAR, strengthening legal frameworks at national and regional levels, and leveraging advanced technologies such as blockchain and AI for more effective asset tracking and recovery.

He stressed the importance of international pressure to ensure cooperation from tax havens and low-tax jurisdictions, underscoring the need for robust advocacy and strengthened institutional frameworks across African countries.