The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. 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 (IFFs).  

Highlighting the significant economic loss, Olukoyede emphasized the urgent need for advanced strategies during his keynote address at the Pan-African Conference on Illicit Financial Flows and Taxation. 

Olukoyede pointed out that Africa loses $88.6 billion each year to IFFs, funds that could otherwise be invested in critical infrastructure, healthcare, and education.