A businessman from Lagos, Adesiyan Kayode Olayinka, faced arraignment on Wednesday before Justice Chukwujekwu Aneke at the Federal High Court in Lagos, accused of committing a foreign exchange fraud amounting to N230 million. This fraudulent activity reportedly involved the utilization of an AI-generated image of Peter Obi, who was the presidential candidate for the Labour Party in the 2023 elections.
Olayinka was charged with six counts by the Federal Republic of Nigeria, which included conspiracy, obtaining money under false pretenses, fraudulent advertising, and theft. These charges conflict with the provisions set forth in the Advance Fee Fraud and Other Related Offences Act, 2016, as well as the Criminal Code Act.
Upon being informed of the charges in court, the defendant entered a not guilty plea for all six counts.
Following this, the prosecution requested a specific trial date and asked the court to detain Olayinka in a facility of the Nigerian Correctional Service until the trial's conclusion.
In response, the defence counsel indicated to the court that a bail application had already been submitted and was served to the prosecution.
The counsel urged the court to address the bail request.
When asked by Justice Aneke about the prosecution's stance on the bail application, it was stated that there were no objections; however, the prosecution requested the court to schedule a definitive date for the impending trial.
While presenting the bail application, the defence argued that their motion, dated February 17, 2026, was supported by a 16-paragraph affidavit signed by the defendant's spouse. They requested that Olayinka be granted bail on reasonable terms.
In a brief ruling, Justice Aneke ordered that the defendant be kept in custody at the Nigeria Correctional Service facility in Ikoyi and postponed the decision regarding the bail application to February 25, 2026.
The charges allege that the offenses took place between July and October 2025 at two addresses on Sule Street in Mangoro, Ikeja, within the jurisdiction of the Federal High Court.
The prosecution claims that Olayinka, along with other accomplices yet to be apprehended, conspired to defraud individuals using cloned images and advertisements of Peter Obi, portraying him as a participant in a forex trading and investment platform named Modmut International.
The prosecutor specifically alleged that Olayinka secured a total of N230 million from one Fredrick Amaechi, masking it as a forex trading partnership with the fictitious company. The sums were reportedly transferred through bank accounts associated with FCMB, Sterling Bank, Ecobank, and other banking institutions.
Furthermore, it is alleged that the defendant employed AI technology to replicate Peter Obi’s image on his Facebook profile, deceitfully presenting the former presidential candidate as either a member of or an investor in the forex platform to attract investments from the complainant and the general public.
Olayinka is also accused of misappropriating the funds for personal use without conducting any forex trading transactions as claimed.
The six counts are said to be 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 postponed to February 25, 2026, Olayinka will remain in custody at the Ikoyi Correctional Centre until the court's decision on his bail is rendered.
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