The EFCC Chairman, Olanipekun Olukoyede, has called for the use of blockchain technology and artificial intelligence to track and recover $88.6 billion stolen from African countries annually through illicit financial flows.
Olukoyede emphasized the urgent need for advanced strategies to address the significant economic loss, highlighting that Africa loses $88.6 billion each year to IFFs, which could otherwise be invested in critical infrastructure, healthcare, and education.
The Chairman cited successful recoveries, such as the $311 million linked to Nigeria’s former Head of State, Sani Abacha, which was repatriated from the United States in 2020, as examples of effective international cooperation.
Olukoyede outlined key strategies to address IFFs, including collaboration, stricter legal frameworks, and international pressure, and emphasized the importance of strengthening legal and institutional frameworks across African countries to better combat illicit financial flows.