Businessman Remanded in N230m Forex Scam Involving AI

Adesiyan Kayod Olayinka was arraigned on Wednesday at the Federal High Court in Lagos, facing six counts related to an alleged N230 million foreign exchange investment fraud. The charges, presided over by Justice Chukwujekwu Aneke, include conspiracy to obtain money under false pretenses and fraudulently advertising a scheme.

Olayinka is accused of using artificial intelligence to clone the image of former Labour Party presidential candidate Peter Obi to lure investors. The prosecution alleges that he misappropriated funds from Mr. Fredrick Amaechi, who invested in a forex trading partnership.

Olayinka pleaded not guilty to the charges, and while the prosecution did not object to a bail application, the defense counsel requested a timeline for the trial. The court has scheduled a bail ruling for February 25, 2026, and Olayinka will remain in custody at Ikoyi Correctional Centre until then.