Dr. Aminu Maida, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), delivered an insightful speech at the 11th Anniversary Lecture Series of RealNews Magazine. The focus was on leveraging Information and Communication Technology (ICT) in combating financial crimes.
Financial crimes have become a prevalent issue, encompassing a wide spectrum of offenses impacting both the economy and society. Dr. Maida highlighted the urgent need to address these crimes, which not only pose economic risks but are also associated with violent acts resulting in loss of life.
The speech emphasized the pivotal role of robust ICT systems in preventing and investigating financial crimes. These systems enable compliance with regulations, real-time monitoring, and analysis of digital transactions. Advanced technologies like AI, machine learning, and big data analytics have been instrumental in identifying criminal patterns and enabling predictive policing programs to prevent crimes.
Dr. Maida stressed the importance of Nigeria’s telecoms sector growth in generating vast data and highlighted collaborations with financial institutions to identify suspicious digital patterns. Blockchain, AI, machine learning, and biometric verification were cited as innovative tools aiding in fraud prevention.
However, concerns were raised regarding cybersecurity threats, algorithmic biases, regulatory compliance, technological obsolescence, funding issues, and disparities in ICT access. Dr. Maida highlighted the importance of continuous improvement, collaborative regulation, and international cooperation to address these challenges.
The speech concluded by emphasizing the significance of balancing crime prevention with data privacy, the necessity of ongoing investment in ICT solutions, and the importance of public education in promoting internet safety.
Dr. Maida’s address shed light on the transformative potential of ICT in combating financial crimes, highlighting the need for collaborative efforts and continuous innovation to stay ahead of evolving criminal tactics. The lecture provided a platform for stakeholders to exchange insights and strategies in the fight against financial crime.