Court Remands Man for Using AI to Impersonate Peter Obi in N230m Forex Fraud

A Lagos businessman is currently behind bars after being accused of using artificial intelligence to fake the image of former presidential candidate Peter Obi in order to steal money from unsuspecting investors.

What Happened?

The accused, Adesiyan Kayode Olayinka, was brought before a Federal High Court in Lagos over an alleged N230 million forex investment scam that involved the use of an AI-cloned image of Peter Obi.

According to prosecutors, Olayinka and others who are still at large allegedly used AI-generated images of Obi — the Labour Party’s 2023 presidential candidate — and presented him as a supporter and beneficiary of a forex trading platform called Modmut International, in order to make the scheme appear legitimate.

In simple terms, they used technology to create fake pictures and adverts of Peter Obi to trick people into believing that the platform was real and trustworthy. It was a lie from start to finish.

How the Fraud Was Carried Out

The alleged offences were committed between July and October 2025 at addresses on Sule Street, Mangoro, Ikeja, Lagos.

Olayinka is accused of collecting a total of N230 million from one Mr. Fredrick Amaechi under the pretence of a forex trading partnership. The money was paid into accounts held with FCMB, Sterling Bank, Ecobank, and other financial institutions.

Prosecutors further alleged that Olayinka converted all the funds to personal use without conducting any real forex trading as he had promised. In other words, no trading ever took place. The entire investment platform was fake.

What the Court Did

Olayinka was brought before Justice Chukwujekwu Aneke of the Federal High Court, Lagos, on a six-count charge that includes conspiracy, obtaining money by false pretence, fraudulent advertisement, and stealing.

He pleaded not guilty to all the charges. His lawyer told the court that a bail application had already been filed and supported by a 16-paragraph affidavit sworn by the defendant’s wife, asking the court to grant bail on fair terms. The prosecution said it had no objection to bail but asked for a clear trial date.

Justice Aneke ordered that Olayinka be remanded at the Ikoyi Correctional Centre and adjourned the bail ruling to a later date.