The Federal Government has arraigned Adesiyan Olayinka, a Lagos-based businessman, at the Federal High Court, Lagos, over an alleged N230 million forex investment fraud involving AI-cloned images of former Labour Party presidential candidate Peter Obi.
Olayinka appeared before Justice Chukwujekwu Aneke, facing six counts, including conspiracy, obtaining money by false pretence, fraudulent advertisement, and theft. The offences, marked FHC/L/1123C/2025, allegedly occurred between July and October 2025 at No. 20, Sule Street, Mangoro, Ikeja, Lagos State.
According to the prosecution, Olayinka and co-conspirators, still at large, used Peter Obi’s AI-generated image to promote a forex trading platform, Modnut International, deceiving investors into transferring funds. One complainant, Fredrick Amaechi, reportedly paid N230 million into multiple bank accounts with FCMB, Sterling Bank, and Ecobank under the pretext of a forex partnership.
The prosecution also alleged that Olayinka converted the funds for personal use without conducting any trading, in violation of Sections 8(a–c), 1(1)(a–c), 1(3), 7(1)(a)(2) of the Advance Fee Fraud and Other Related Offences Act, 2016, and Sections 383 and 390(9) of the Criminal Code Act.
Olayinka pleaded not guilty. The prosecution requested a trial date and that he be remanded in custody. Defence counsel confirmed a bail application supported by an affidavit from Olayinka’s wife and urged the court to consider it immediately.
Justice Aneke remanded Olayinka at Ikoyi Correctional Centre and adjourned ruling on his bail application to February 25, 2026, pending the perfection of bail conditions.
