A Lagos-based businessman, Adesiyan Kayode Olayinka, was on Wednesday remanded by the Federal High Court over an alleged N230 million foreign exchange fraud that involved using an AI-generated image of Peter Obi.
Olayinka was arraigned before Justice Chukwujekwu Aneke on a six-count charge, including conspiracy, obtaining money by false pretence, fraudulent advertisement, and stealing. The charges were filed under the Advance Fee Fraud and Other Related Offences Act, 2016, and the Criminal Code Act.
The prosecution alleged that between July and October 2025, Olayinka and others still at large used AI technology to clone Obi’s image, presenting him as a beneficiary of a forex investment platform called Modmut International. He is accused of obtaining N230 million from a complainant, Mr. Fredrick Amaechi, through accounts at FCMB, Sterling Bank, Ecobank, and other institutions, then converting the funds for personal use without carrying out any forex trading.
Olayinka pleaded not guilty to all counts. The prosecution requested that he be remanded in custody pending trial and asked for a definite trial date.
Defence counsel said a bail application had already been filed, supported by a 16-paragraph affidavit sworn by Olayinka’s wife, urging the court to grant liberal bail. The prosecution raised no objection but requested the trial date be fixed.
Justice Aneke ordered Olayinka remanded at the Nigeria Correctional Service facility, Ikoyi, and adjourned ruling on the bail application to February 25, 2026.
The offences reportedly occurred at No. 20 and No. 26 Sule Street, Mangoro, Ikeja, within the court’s jurisdiction. The six counts violate provisions of the Advance Fee Fraud and Other Related Offences Act, 2016, and Sections 383 and 390(9) of the Criminal Code Act.
Olayinka will remain in custody at Ikoyi Correctional Centre until the court delivers its decision on his bail.
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