Lagos, Nigeria – A Federal High Court in Lagos has remanded a businessman, Adesiyan Kayode Olayinka, over an alleged N230 million foreign exchange investment fraud that reportedly involved the use of artificial intelligence to clone the image of former Labour Party presidential candidate Peter Obi.
Okay News reports that Olayinka was arraigned before Justice Chukwujekwu Aneke on Wednesday on a six count charge bordering on conspiracy, obtaining money by false pretence, fraudulent advertisement, and stealing. The charges were read to the defendant in open court, to which he pleaded not guilty on all counts. Following the plea, the prosecution requested a definite trial date and urged that the defendant be remanded in custody pending determination of the case.
It was alleged that the defendant obtained a total sum of N230 million from a complainant, Fredrick Amaechi, under the guise of a forex trading partnership. The funds were reportedly paid into bank accounts operated with several financial institutions, including FCMB, Sterling Bank, and Ecobank. Prosecutors also alleged that Olayinka deployed AI technology to clone Peter Obi’s image on his Facebook page, presenting the former presidential candidate as being affiliated with the platform in order to lure investors. The defendant was accused of converting the funds to personal use without conducting any forex trading as represented.
Defence counsel informed the court that a bail application had already been filed and served on the prosecution, urging the court to hear the motion. The prosecutor indicated no objection to the bail request but asked that the court ensure a clear timeline for trial. In moving the bail application, defence counsel told the court that the motion was supported by a 16 paragraph affidavit sworn to by the defendant’s wife, appealing for bail on liberal terms and arguing that the defendant would make himself available for trial.
The alleged offences are said to contravene provisions of the Advance Fee Fraud and Other Related Offences Act, 2016, as well as the Criminal Code Act. According to the prosecution, the offences were committed between July and October 2025 at addresses in Ikeja, Lagos, within the jurisdiction of the Federal High Court. The prosecution alleged that Olayinka, alongside others still at large, conspired to obtain money by false pretence through the use of cloned images and promotional materials falsely portraying Peter Obi as a beneficiary or endorser of a forex trading and investment platform identified as Modmut International.
The remand aligns with Justice Aneke’s recent handling of major financial crime cases. In June 2025, the same judge ordered the remand of an alleged Ponzi scheme operator over a N10 billion money laundering case, reinforcing the court’s tough stance on large-scale financial fraud. In a brief ruling, Justice Aneke ordered that Olayinka be remanded at the Ikoyi Correctional Centre and adjourned ruling on the bail application to February 25, 2026.
