By Biola Jimoh
The Federal High Court in Lagos has remanded a businessman, Adesiyan Kayode Olayinka, in the custody of the Nigerian Correctional Service over an alleged N230 million foreign exchange fraud involving the use of Artificial Intelligence to impersonate former presidential candidate, Peter Obi.
Olayinka was arraigned before Justice Chukwujekwu Aneke on a six-count charge bordering on conspiracy, obtaining money under false pretence, fraudulent advertisement and stealing.
He pleaded not guilty to all the charges.
The prosecution alleged that the defendant used AI technology to clone Obi’s image and created online advertisements presenting him as a beneficiary of a forex investment platform known as Modmut International, allegedly to attract investors.
According to the charge, the defendant reportedly obtained N230 million from a complainant between July and October 2025 under the guise of a forex trading partnership.
The funds were said to have been paid through accounts in several commercial banks.
After hearing arguments on bail, Justice Aneke ordered that the defendant be remanded at the Ikoyi Correctional Centre and adjourned ruling on the bail application to February 25, 2026.
The case is being prosecuted by the Federal Republic of Nigeria under provisions of the Advance Fee Fraud and Other Related Offences Act, 2016, and the Criminal Code Act.
