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 said to have involved 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, contrary to the provisions of the Advance Fee Fraud and Other Related Offences Act, 2016, and the Criminal Code Act.
After the charges were read to him in open court, the defendant pleaded not guilty to all six counts.
Following the plea, the prosecution applied for 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 summons for bail had already been filed and served on the prosecution.
He urged the court to hear the bail application.
When Justice Aneke sought the prosecution’s position on the bail request, the prosecutor stated that there was no objection to the application but asked the court to fix a clear date for trial.
While moving the bail application, defence counsel told the court that the motion, dated and filed on February 17, 2026, was supported by a 16-paragraph affidavit sworn to by the defendant’s wife.
He urged the court to admit his client to bail on liberal terms.
In a brief ruling, Justice Aneke ordered that the defendant be remanded at the Nigeria Correctional Service facility, Ikoyi, and adjourned ruling on the bail application 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, within the jurisdiction of the Federal High Court.
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, presented as a beneficiary of a forex trading and investment platform known as Modmut International.
Specifically, the prosecutor alleged that the defendant obtained, at various times, 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.
The prosecution further alleged that the defendant used AI technology to clone Peter Obi’s image on his Facebook page, presenting the former presidential candidate as a member or beneficiary of the forex platform in order to lure the nominal complainant and members of the public to invest.
He was also accused of converting the funds to his personal use without carrying out any forex trading transactions as represented.
The six counts are said to be contrary to and punishable under various provisions of 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.
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