Businessman Remanded for N230m Forex Fraud Using AI

Adesiyan Kayod Olayinka, a businessman based in Lagos, has been remanded in custody by Justice Chukwujekwu Aneke of the Federal High Court for allegedly using artificial intelligence to impersonate Peter Obi, the Labour Party's 2023 presidential candidate, in a N230 million forex fraud. Olayinka was arraigned on six counts of fraud, including conspiracy to obtain money under false pretenses and advance fee fraud, which are violations of the Advance Fee Fraud Related Offences Act of 2016 and the Criminal Code Act.

The alleged offenses occurred between July and October 2025, within the jurisdiction of the Federal High Court. The prosecution claims Olayinka used a cloned image of Obi's Facebook page to lure the public into investing in a forex trading platform named Modmut Intern, falsely presenting Obi as a beneficiary.

Olayinka pleaded not guilty and will remain in custody at Ikoyi Correctional Centre until the next court date on February 25, 2026, when a bail application will also be heard.