A Lagos-based man, Adesiyan Kayode Olayinka, today, arraigned before Justice Chukwujekwu Aneke of the Federal High Court, Lagos, over an alleged N230 million forex investment fraud said to have involved the use of an Artificial Intelligence (AI)-cloned image of former presidential candidate of Labour Party, Peter Obi.
Olayinka was docked 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 provisions of the Advance Fee Fraud and Other Related Offences Act, 2016, and the Criminal Code Act.
Upon the charges being read to him in open court, the defendant pleaded not guilty to all six counts.
Following his plea, the prosecution informed the court that in view of the not guilty plea, it was applying for a definite date for trial.
The prosecutor also urged the court to remand the defendant in a Nigeria Correctional Service facility pending the conclusion of the trial.
Responding, defence counsel told the court that steps had already been taken to file a summons 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.
When Justice Aneke asked the prosecution for its reaction to the bail request, the prosecutor stated: “My Lord, we will not be objecting to the application for bail but will be asking for a clear date for trial.”
While moving the bail application, defence counsel informed the court that the application, dated and filed on February 17, 2026, was supported by a 16-paragraph affidavit deposed to by the defendant’s wife.
He urged the court to grant bail to the applicant on the most liberal terms.
In a short ruling, Justice Aneke ordered that the defendant be remanded at the Nigeria Correctional Service facility, Ikoyi, and reserved ruling on the bail application until 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, the government alleged that the defendant obtained at intervals 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 bank accounts operated with FCMB, Sterling Bank, Ecobank and others.
The prosecution 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.
The charge stated that the defendant allegedly converted the funds to his own use without carrying out any forex trading transactions as represented.
The six counts are said to be contrary to and punishable under various sections 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 now adjourned to February 25, 2026, the defendant will remain in custody at the Ikoyi Correctional Centre pending the court’s decision.
