A Lagos-based businessman, Adesiyan Kayode Olayinka, was on Wednesday arraigned before Justice Chukwujekwu Aneke of the Federal High Court in Lagos over an alleged N230 million foreign exchange investment fraud involving the use of an artificial intelligence (AI)–cloned image of Labour Party’s 2023 presidential candidate, Peter Obi.
Olayinka was docked on a six-count charge filed by the Federal Republic of Nigeria bordering on conspiracy, obtaining money by false pretence, fraudulent advertisement and stealing. The charges were brought under 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 six counts.
Following the plea, the prosecution requested a definite trial date and urged the court to remand the defendant in a Nigeria Correctional Service facility pending the conclusion of trial.
In response, defence counsel informed the court that a bail application had already been filed and served on the prosecution and urged the court to hear it. The prosecutor raised no objection to the bail request but asked the court to set a clear trial date.
While moving the application, defence counsel told the court that the motion, dated February 17, 2026, was supported by a 16-paragraph affidavit sworn to by the defendant’s wife. He urged the court to grant bail on liberal terms.
In a brief ruling, Justice Aneke ordered that the defendant be remanded at the Nigeria Correctional Service facility in Ikoyi and adjourned the bail ruling to February 25, 2026.
According to the charge, the alleged offences were committed between July and October 2025 at No. 20 and No. 26 Sule Street, Mangoro, Ikeja, Lagos.
The prosecution alleged that Olayinka and others still at large conspired to obtain money by false pretence by using cloned images and advertisements of Peter Obi, presenting him as a beneficiary of a forex trading and investment platform known as Modmut International.
Specifically, the defendant was accused of obtaining a total of N230 million from one Mr. Fredrick Amaechi under the guise of a forex trading partnership with the purported firm. The funds were allegedly paid through bank accounts operated with FCMB, Sterling Bank, Ecobank and other financial institutions.
Prosecutors further alleged that the defendant used AI technology to clone Obi’s image on his Facebook page, portraying the former presidential candidate as a member or beneficiary of the forex platform in order to lure investors. He was also accused of converting the funds to personal use without carrying out any forex trading transactions as represented.
The offences are said to be punishable under the Advance Fee Fraud and Other Related Offences Act, 2016, as well as Sections 383 and 390(9) of the Criminal Code Act.
With the bail ruling adjourned to February 25, 2026, the defendant will remain in custody at the Ikoyi Correctional Centre pending the court’s decision.
