The Federal Government on Wednesday arraigned a Lagos-based businessman, Adesiyan Olayinka, before the Federal High Court in Lagos over an alleged N230m forex investment fraud involving the use of an artificial intelligence cloned image of former Labour Party presidential candidate Peter Obi.
Olayinka, who was arraigned before Justice Chukwujekwu Aneke, is facing six counts of conspiracy, obtaining money by false pretence, fraudulent advertisement and stealing, preferred against him by the FG.
When the charge marked FHC/L/1123C/2025 was called, the prosecution told the court that the matter was for arraignment and then prayed the court to allow the charge to be read to the defendant so he could take his plea.
The court granted the prayer, and the charge was read to Olayinka, who pleaded not guilty to the charge. The charge took place at No. 20, Sule Street, Mangoro, Ikeja, area of Lagos State.
FG told the court that the defendant committed the offences between July and October 2025, adding that the offences took place at No. 20, Sule Street, Mangoro Ikeja, Lagos State.
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, portraying him as a beneficiary of a forex trading and investment platform known as Modnut International.
Specifically, the government alleged that Olayinka obtained a total sum of N230m, at different times, from one Mr Fredrick Amaechi under the guise of a forex trading partnership with the purported firm.
The funds were reportedly paid into bank accounts operated by FCMB, Sterling Bank, Ecobank and other financial institutions.
The prosecution further alleged that the defendant used AI technology to clone Obi’s image on his Facebook page, presenting the former presidential aspirant as a member or beneficiary of the forex platform to lure the complainant and members of the public into investing.
Olayinka was also accused of converting the funds to his personal use without conducting any forex trading as represented.
According to the prosecutor, the offences committed contravened Sections 8(a), (b) and (c), 1(1)(a), (b) and (c), 1(3), 7(1)(a)(2) of the Advance Fee Fraud and Other Related Offences Act, 2016, as well as Sections 383 and 390(9) of the Criminal Code Act.
However, the defendant pleaded not guilty.
Following his plea, the prosecution asked the court to fix a definite date for trial and urged that the defendant be remanded in a facility of the Nigeria Correctional Service pending the conclusion of proceedings.
Defence counsel, however, informed the court that a summons for bail had already been filed and served on the prosecution. He urged the court to hear the application immediately.
Responding to an enquiry by Justice Aneke, the prosecutor said the prosecution would not oppose the bail application but would request a clear trial date.
While moving the application, defence counsel told the court that the bail motion, 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 admit his client to bail on liberal terms.
In a short ruling, Justice Aneke ordered that the defendant be remanded at the Ikoyi Correctional Centre and adjourned ruling on the bail application until February 25, pending the perfection of his bail conditions.
