Lagos Court Remands Businessman Over Alleged N230m Forex Scam Using AI Image of Peter Obi

A judge of the Federal High Court in Lagos has ordered the remand of a businessman, Adesiyan Kayode Olayinka, over an alleged N230 million foreign exchange fraud linked to the use of an AI-generated image of Peter Obi.

Olayinka was arraigned on Wednesday before Justice Chukwujekwu Aneke on a six-count charge filed by the Federal Republic of Nigeria. The counts include conspiracy, obtaining money under false pretence, fraudulent advertising and stealing, under the Advance Fee Fraud and Other Related Offences Act, 2016, and the Criminal Code Act.

He pleaded not guilty to all charges.

Prosecutors told the court that the alleged offences occurred between July and October 2025 in the Mangoro area of Ikeja, Lagos. They alleged that Olayinka and others still at large promoted a forex trading platform, Modmut International, using cloned images and adverts depicting Obi as a participant or beneficiary.

According to the prosecution, the defendant obtained N230 million from a complainant, Mr. Fredrick Amaechi, who believed he was entering into a legitimate forex investment partnership. The funds were said to have been paid through accounts in FCMB, Sterling Bank, Ecobank and other financial institutions.

The prosecution further alleged that AI technology was used to replicate Obi’s image on a Facebook page to lend credibility to the platform and attract investors. Investigators claim the money was diverted for personal use and that no forex trading was carried out as represented.

After the plea was entered, the prosecution asked for a trial date and requested that the defendant be remanded in custody. Defence counsel informed the court that a bail application, dated February 17, 2026, had been filed and served. He urged the court to grant bail on liberal terms.

The prosecutor said there was no objection to the bail application but asked the court to fix a clear trial date.

In a brief ruling, Justice Aneke ordered that Olayinka be remanded at the Ikoyi custodial facility of the Nigeria Correctional Service and adjourned the bail ruling to February 25, 2026.

The defendant will remain in custody pending the court’s decision on bail.