Court remands Kayode Olayinka, businessman accused of using AI to impersonate Peter Obi in N230m forex scam

A Lagos-based businessman, Adesiyan Kayode Olayinka, was on Wednesday arraigned before Justice Chukwujekwu Aneke of the Federal High Court over an alleged N230 million foreign exchange fraud involving an AI-generated image of Peter Obi.

Olayinka faced a six-count charge filed by the Federal Republic of Nigeria, including conspiracy, obtaining money by false pretence, fraudulent advertisement, and stealing, contrary to provisions of the Advance Fee Fraud and Other Related Offences Act, 2016, and the Criminal Code Act.

The charges allege that between July and October 2025, Olayinka and others still at large conspired to defraud investors by using AI-cloned images of Obi on a forex investment platform called Modmut International. The prosecution claims he obtained N230 million from a complainant, Mr. Fredrick Amaechi, through bank accounts at FCMB, Sterling Bank, Ecobank, and other financial institutions, while misrepresenting Obi as a beneficiary of the platform.

Olayinka pleaded not guilty to all six counts. Following the plea, the prosecution requested that he be remanded in custody pending trial and sought a definite trial date.

Defence counsel informed the court that a bail application, supported by a 16-paragraph affidavit sworn by the defendant’s wife, had already been filed. He urged the court to grant bail on liberal terms. The prosecution indicated no objection but requested a clear trial date.

In a brief ruling, Justice Aneke remanded Olayinka at the Nigeria Correctional Service facility, Ikoyi, and adjourned the bail application to February 25, 2026.

The prosecution further alleged that Olayinka converted the funds to personal use without conducting any forex trading as represented. The six counts are punishable under 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 rules on his bail.