Alleged N230m forex scam: Olayinka arraigned over AI-cloned image of Peter Obi

By Akin Kuponiyi

A middle-aged man, Adesiyan Kayode Olayinka, was on Wednesday arraigned before a Federal High Court in Lagos over an alleged N230 million forex investment scam alleged to have involved the use of an Artificial Intelligence (AI)-cloned image of former presidential candidate of Labour Party, Peter Obi.

The defendant was arraigned on a six-count charge filed before the court 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.

The defendant pleaded not guilty to the charge.

Thereafter, Police prosecuting counsel ASP A.O. Nwabuisi from the Directorate of Legal services of the Nigerian Police Force, while applying for a definite date for trial to commence in the view of the plea of no guilty of the defendant, urged the court to remand the defendant in a Nigeria Correctional Services facility pending commencement of his trial.

However, his counsel Taofeek Jimoh told the court that steps had already been taken by filing an application for bail on behalf of the defendant and that the application had been served on the prosecution.

He urged the court to consider hearing the bail application immediately.

The prosecutor did not object to the application for bail but asked for a clear date for trial.

Jimoh, while arguing the application for bail, told the court that the bail application supported by a 16-paragraph affidavit was deposed to by the defendant’s wife.

He urged the court to admit the defendant to bail on the most liberal terms.

In his ruling, the presiding, Judge Chukwujekwu Aneke, ordered that the defendant be remanded at the Nigeria Correctional Service facility, Ikoyi, and reserved ruling on the bail application till 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 inducing victims through cloned pictures and adverts of Peter Obi, presented as a beneficiary of a forex trading and investment platform known as Modmut International.

Specifically, it was alleged that the defendant obtained at various time the total sum of N230 million from one Mr. Fredrick Amaechi under the guise of a forex trading partnership with the purported firm.

The funds were said to have been paid through various commercial bank accounts.

It was further alleged that the defendant used AI technology to clone the image of Peter Obi on his Facebook page, presenting the former presidential aspirant as a member or beneficiary of the forex trading platform, thereby luring the nominal complainant and members of the public to invest.

Thereafter the defendant allegedly converted the funds to his own use without carrying out any forex trading transactions as represented.

The offences alleged to have been committed by the defendant are contrary to and punishable under sections 1(a) (b) (c)7(i) and 8(a)(b) of the Advance Fee Fraud and Other Related Offences Act, 2016, as well as Sections 383 and 390(9) of the Criminal Code Act.