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.

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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.

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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.