By Obinna Uballa
A Lagos-based businessman, Adesiyan Kayode Olayinka, was on Wednesday remanded by the Federal High Court over an alleged N230 million foreign exchange fraud that involved the use of an AI-generated image of Peter Obi.
Olayinka was arraigned before Justice Chukwujekwu Aneke on a six-count charge filed by the Federal Government, including conspiracy, obtaining money by false pretence, fraudulent advertisement, and stealing. The charges were brought under the Advance Fee Fraud and Other Related Offences Act, 2016, and the Criminal Code Act.
The prosecution alleged that between July and October 2025, Olayinka, along with others still at large, used AI technology to clone Obi’s image and falsely present him as a beneficiary of a forex investment platform called Modmut International. He is accused of obtaining N230 million from a complainant, Mr. Fredrick Amaechi, through bank accounts at FCMB, Sterling Bank, Ecobank, and other institutions, and converting the money for personal use without carrying out any forex trading transactions.
Following the arraignment, Olayinka pleaded not guilty to all six counts. The prosecution asked the court to remand him in custody pending trial and requested a definite trial date.
Defence counsel said a bail application had already been filed and supported by a 16-paragraph affidavit sworn by the defendant’s wife. He urged the court to admit Olayinka on liberal bail terms. The prosecution raised no objection but asked for the trial date to be fixed.
Justice Aneke ordered that Olayinka be remanded at the Nigeria Correctional Service facility, Ikoyi, and adjourned ruling on the bail application to February 25, 2026.
According to the charges, the offences occurred at No. 20 and No. 26 Sule Street, Mangoro, Ikeja, within the court’s jurisdiction. The six counts contravene provisions of the Advance Fee Fraud and Other Related Offences Act, 2016, and Sections 383 and 390(9) of the Criminal Code Act.
Olayinka will remain in custody at the Ikoyi Correctional Centre until the court delivers its ruling on his bail application.
