A Lagos-based businessman, Adesiyan Kayode Olayinka, was arraigned on Wednesday before Justice Chukwujekwu Aneke of the Federal High Court in Lagos over an alleged N230 million foreign exchange investment fraud.
The scam reportedly involved an Artificial Intelligence (AI)-cloned image of Labour Party’s 2023 presidential candidate, Peter Obi, to deceive investors.
Olayinka faced a six-count charge filed by the Federal Republic of Nigeria, including conspiracy, obtaining money by false pretence, fraudulent advertisement, and stealing. These offences contravene the Advance Fee Fraud and Other Related Offences Act, 2016, and the Criminal Code Act.
After the charges were read in open court, the defendant pleaded not guilty to all counts.
Prosecution Seeks Remand, Defence Pushes for Bail
The prosecution applied for a definite trial date and requested Olayinka’s remand in a Nigerian Correctional Service facility pending trial.
Defence counsel noted a bail summons had been filed and served, urging the court to hear it immediately.
The prosecutor raised no objection to bail but sought a firm trial date and liberal terms.
Justice Aneke ordered the defendant’s remand at the Ikoyi Correctional Centre and adjourned the bail ruling to February 25, 2026.
Details of Alleged Fraud
The offences allegedly occurred between July and October 2025 at Nos. 20 and 26 Sule Street, Mangoro, Ikeja, Lagos.
Prosecutors claim Olayinka and accomplices at large used cloned images and ads of Peter Obi to promote Modmut International, a fake forex trading platform, portraying the politician as a beneficiary.
Olayinka allegedly defrauded Mr. Fredrick Amaechi of N230 million in multiple payments via FCMB, Sterling Bank, Ecobank, and other accounts, under the pretence of forex partnerships.
He purportedly cloned Obi’s image on his Facebook page using AI to lure victims, then converted the funds for personal use without any trading.
The charges violate Sections 383 and 390(9) of the Criminal Code Act, among others.
Olayinka remains in custody at Ikoyi until the bail decision on February 25.
