A Federal High Court sitting in Lagos has remanded a Lagos-based businessman, Adesiyan Kayode Olayinka.
This is over an alleged N230 million foreign exchange investment fraud said to have involved the use of Artificial Intelligence (AI) to clone the image of former Labour Party presidential candidate, Peter Obi.
Olayinka was on Wednesday arraigned before Justice Chukwujekwu Aneke on a six-count charge filed by the Federal Republic of Nigeria, bordering on conspiracy, obtaining money by false pretence, fraudulent advertisement and stealing, according to Arise News.
What the court is saying
The alleged offences are said to contravene provisions of the Advance Fee Fraud and Other Related Offences Act, 2016, as well as the Criminal Code Act.
The charges were read to the defendant in open court, to which he pleaded not guilty on all counts.
Following the plea, counsel to the prosecution requested the court to fix a definite trial date and urged that the defendant be remanded in the custody of the Nigeria Correctional Service pending the determination of the case. In response, defence counsel informed the court that a bail application had already been filed and served on the prosecution, and urged the court to hear the motion.
When Justice Aneke sought the prosecution’s position on the bail request, the prosecutor indicated no objection to the application but asked that the court ensure a clear timeline for trial.
While moving the bail application, defence counsel told the court that the motion, dated February 17, 2026, was supported by a 16-paragraph affidavit sworn to by the defendant’s wife.
He appealed to the court to grant bail on liberal terms, arguing that the defendant would make himself available for trial.
More details
It was further alleged that the defendant obtained, at various times, a total sum of N230 million from a complainant, Mr. Fredrick Amaechi, under the guise of a forex trading partnership with the purported firm. The funds were reportedly paid into bank accounts operated with several financial institutions, including FCMB, Sterling Bank and Ecobank.
Prosecutors also alleged that Olayinka deployed AI technology to clone Peter Obi’s image on his Facebook page, presenting the former presidential candidate as being affiliated with the platform in order to lure investors. The defendant was accused of converting the funds to personal use without conducting any forex trading as represented.
With the ruling on bail adjourned, the defendant will remain in custody at the Ikoyi Correctional Centre pending the court’s decision on February 25, 2026.
Backstory
The remand of Adesiyan Kayode Olayinka aligns with Justice Chukwujekwu Aneke’s recent handling of major financial crime cases.
In June 2025, the Federal High Court judge, sitting in Ikoyi, ordered the remand of alleged Ponzi scheme operator Adonu Kingsley Ifeanyi over a N10 billion money laundering case. Ifeanyi was arraigned by the Economic and Financial Crimes Commission (EFCC) on five counts.
The EFCC accused the defendant of unlawfully obtaining funds from the public through an investment scheme, reinforcing the court’s tough stance on large-scale financial fraud cases.
What you should know
In a brief ruling, Justice Aneke ordered that Olayinka be remanded at the Ikoyi facility of the Nigeria Correctional Service and adjourned ruling on the bail application to February 25, 2026.
- According to the prosecution, the alleged offences were committed between July and October 2025 at addresses on Sule Street, Mangoro, Ikeja, Lagos, within the jurisdiction of the Federal High Court.
- The prosecution alleged that Olayinka, alongside others still at large, conspired to obtain money by false pretence through the use of cloned images and promotional materials falsely portraying Peter Obi as a beneficiary or endorser of a forex trading and investment platform identified as Modmut International.
