Court Remands Lagos Businessman Over Alleged N230m Fraud Using AI-cloned Peter Obi Images

Justice Chukwujekwu Aneke of the Federal High Court in Lagos has ordered the remand of a Lagos-based businessman, Adesiyan Kayode Olayinka, over an alleged N230 million foreign exchange investment fraud involving the use of an Artificial Intelligence (AI)-cloned images of Labour Party’s 2023 presidential candidate, Peter Obi.

Olayinka was arraigned on Wednesday 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 Advance Fee Fraud and Other Related Offences Act, 2016, and the Criminal Code Act.

After the charges were read in open court, the defendant pleaded not guilty to all six counts.

Following his plea, the prosecution asked the court to fix a definite trial date and remand the defendant in a Nigeria Correctional Service (NCoS) facility pending the conclusion of trial.

In response, defence counsel informed the court that an application for bail had already been filed and served on the prosecution and urged the court to hear the application.

When Justice Aneke sought the prosecution’s position, the prosecutor said there was no objection to the bail application but requested that a clear trial date be fixed.

While moving the motion dated February 17, 2026, defence counsel told the court that it was supported by a 16-paragraph affidavit sworn to by the defendant’s wife. He urged the court to grant bail on liberal terms.

In a brief ruling, Justice Aneke ordered that Olayinka be remanded at the Nigeria Correctional Service facility in 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.

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, presenting him as a beneficiary of a forex trading and investment platform known as Modmut International.

Specifically, the defendant was accused of obtaining 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 accounts operated with FCMB, Sterling Bank, Ecobank and other financial institutions.

The prosecution further alleged that Olayinka used AI technology to clone Peter Obi’s image on his Facebook page, portraying the former presidential candidate as a member or beneficiary of the forex platform in order to lure the complainant and members of the public to invest.

He was also accused of converting the funds to personal use without carrying out any forex trading transactions as represented.

The six counts are said to be punishable under relevant 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.