Justice Chukwujekwu Aneke of the Federal High Court, Lagos Division, on Wednesday ordered the remand of a Lagos-based businessman, Adesiyan Kayode Olayinka, over an alleged N230 million foreign exchange investment fraud said to involve Artificial Intelligence-generated images of Peter Obi.
Olayinka was arraigned on a six-count charge instituted by the Federal Republic of Nigeria, bordering on conspiracy, obtaining money under false pretences, fraudulent advertisement and stealing, contrary to the Advance Fee Fraud and Other Related Offences Act and the Criminal Code Act.
The charges were read to the defendant in open court, and he pleaded not guilty to all counts.
Following the plea, the prosecution urged the court to remand the defendant in the custody of the Nigeria Correctional Service pending the determination of the case and also sought a definite date for trial.
Counsel to the defendant, however, informed the court that a bail application had been filed and duly served on the prosecution.
He prayed the court to entertain the application and admit his client to bail on liberal terms.
When asked to respond, the prosecutor said there was no opposition to the bail request but appealed to the court to fix a clear trial date.
Moving the motion dated February 17, 2026, defence counsel told the court that the application was backed by a 16-paragraph affidavit deposed to by the defendant’s wife.
In a short ruling, Justice Aneke ordered that the defendant be remanded at the Ikoyi Correctional Centre and adjourned till February 25, 2026, for ruling on the bail application.
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.
The prosecution alleged that the defendant, alongside others still at large, conspired to defraud unsuspecting investors by deploying cloned images and promotional materials of Obi to create the impression that he was affiliated with a forex trading and investment outfit identified as Modmut International.
Specifically, Olayinka was accused of obtaining N230 million from one Fredrick Amaechi under the guise of a forex trading partnership with the said firm.
The funds were reportedly paid through accounts maintained with FCMB, Sterling Bank, Ecobank and other financial institutions.
Prosecutors further alleged that the defendant used AI tools to replicate Obi’s image on his Facebook page, portraying the former presidential candidate as a participant or beneficiary of the investment scheme in order to lure members of the public.
He was also accused of diverting the funds for personal use without conducting any forex trading as claimed.
The offences are said to be punishable under relevant provisions of the Advance Fee Fraud and Other Related Offences Act, 2016, as well as Sections 383 and 390(9) of the Criminal Code Act.
The defendant will remain in custody pending the court’s decision on his bail application.