Nigeria's Folashade Yemi-Esan Proposes Blockchain, AI to Combat Africa's $88.6B Capital Flight
Nigeria's Folashade Yemi-Esan, a supervisor, has proposed an innovative solution to tackle illegal capital flows in Africa. She suggests harnessing blockchain and artificial intelligence to enhance transparency and efficiency in financial institutions. This idea was discussed at a pan-African conference in Tunis by Olanipekun Olukoyede, the head of Nigeria's EFCC.
The conference highlighted the pressing issue of capital flight in Africa. Each year, a staggering $88.6 billion leaves the continent illegally. Yemi-Esan believes that blockchain and AI technologies could significantly combat this problem. By increasing transparency in financial transactions, these technologies could help track and prevent illicit capital flows.
In 2020, a successful demonstration of this approach occurred. The EFCC traced and recovered $311 million sent by a 'Nigerian leader' to the USA. This recovery underscores the potential of these technologies in combating capital flight and recovering stolen funds.
The proposal by Folashade Yemi-Esan to use blockchain and AI in combating illegal capital flows in Africa is a promising step. If implemented effectively, these technologies could help reduce the $88.6 billion annual capital flight, as demonstrated by the successful recovery of $311 million in 2020.
