crime

Businessman Arraigned Over N230m AI Forex Fraud

Published

8 months ago

February 19, 2026

Q Tinny

AI forex fraud Lagos: Lagos businessman arraigned for N230m scam using cloned image of Peter Obi; pleads not guilty, bail hearing set for Feb 25

The Federal Government of Nigeria on Wednesday arraigned Adesiyan Olayinka before the Federal High Court Lagos over an alleged N230 million forex investment scam involving the use of an artificial intelligence-cloned image of former Peter Obi.

Also read: EFCC Arraigns Abuja Couple over N740m Fraud

Olayinka, who appeared before Justice Chukwujekwu Aneke, faces six counts including conspiracy, obtaining money by false pretence, fraudulent advertisement, and stealing.

When the charges, filed under case number FHC/L/1123C/2025, were read to him at No. 20, Sule Street, Mangoro, Ikeja, he pleaded not guilty.

The prosecution alleged that Olayinka and others, who remain at large, used AI technology to clone Obi’s image on social media, presenting him as a beneficiary of a forex trading platform called Modnut International.

The scheme reportedly defrauded a complainant, Mr Fredrick Amaechi, of a total of N230 million, deposited across accounts at FCMB, Sterling Bank, Ecobank, and other financial institutions.

“The defendant obtained funds under the guise of a forex trading partnership and converted the money for personal use without conducting any trading as represented,” the prosecution stated.

The offences are said to contravene provisions of the Advance Fee Fraud and Other Related Offences Act 2016 and the Criminal Code Act.

Following the plea, the prosecution requested the court to fix a trial date and remand Olayinka in custody pending proceedings.

Defence counsel informed the court that a bail application had been filed on February 17, supported by a 16-paragraph affidavit deposed by the defendant’s wife.

The prosecution confirmed it would not oppose bail but sought a clear trial date.

Also read: EFCC Arraigns Otobor Onajefe Over N37.4m Fraud

Justice Aneke ordered that Olayinka be remanded at Ikoyi Correctional Centre and adjourned ruling on the bail application to February 25, pending the perfection of bail conditions.

Related Topics:Adesiyan Olayinka Advance Fee Fraud AI forex fraud featured Lagos High Court Peter Obi

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crime

Police Arrest Convicted Drug Dealer, Rescue 14-Year-Old Boy in Bauchi

Published

17 hours ago

October 27, 2026

Peculiar Adirika

Bauchi drug dealer arrest leads to the rescue of a 14-year-old boy allegedly used as a drug courier and the recovery of suspected illicit substances

The Bauchi State Police Command has arrested a 22-year-old convicted drug dealer and rescued a 14-year-old boy who was allegedly being used to deliver illicit drugs in the state.

Also read: NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

The command said operatives of its Violent Crimes Response Unit intercepted the teenager during a routine patrol and recovered a granular whitish substance suspected to be methamphetamine.

The Police Public Relations Officer, SP Nafiu Habib, disclosed this in a statement issued on Tuesday.

According to Habib, the operatives, led by the unit’s officer-in-charge, intercepted the minor, identified as Samuel Nkemakolan Kosi, at about 11 am on October 26, 2026, while he was allegedly on his way to deliver the suspected drug, also known as Ice, to a customer.

The statement said the teenager told investigators that he had been sent by Samuel Ogochukwu, a 22-year-old convicted drug dealer, to make the delivery.

“Upon interrogation, the minor confessed that he was sent by one Samuel Ogochukwu, 22 years old, a convicted drug dealer, to make the delivery,” Habib said.

Following the information, detectives traced Ogochukwu to his location and arrested him.

A search of the suspect’s shop and residence reportedly led to the recovery of 3.5 grammes of a substance suspected to be methamphetamine, 17 sachets of 100mg tramadol capsules, five sachets of 300mg pregabalin capsules and seven sachets of diazepam.

The police also recovered 12 Exol tablets, two wraps of a substance known as Yellow Boys and one sachet of Shine Shine Leather.

Habib said the principal suspect told investigators that he received supplies of illicit drugs through waybills from Onitsha, Anambra State.

The police spokesman added that the 14-year-old had been handled in accordance with juvenile best practices and would be reunited with his family after counselling.

“The 14-year-old minor has been handled in line with juvenile best practices and will be reunited with his family after counselling, while the principal suspect will be charged to court upon completion of investigation,” the statement said.

The Commissioner of Police in Bauchi State, Sani-Omolori Aliyu, commended the operatives for their work and urged the public to remain alert to criminal activity.

According to Habib, the commissioner said four major drug busts and subsequent convictions recorded within 10 days demonstrated the command’s continued efforts to combat drug trafficking.