Lagos-based businessman Adesiyan Kayode Olayinka was remanded by the Federal High Court in Lagos on February 19, 2026, facing allegations of a N230 million foreign exchange fraud involving AI-generated images of Peter Obi.
Justice Chukwujekwu Aneke presided over the arraignment, where Olayinka pleaded not guilty to a six-count charge including conspiracy, obtaining money by false pretense, fraudulent advertisement, and stealing.
The prosecution accused him of using cloned images of the Labour Party’s 2023 presidential candidate to deceive victims into investing in a scam.
The case highlights the growing misuse of AI in financial scams, where deepfakes impersonate prominent figures to build trust.
Olayinka reportedly lured investors with promises of high returns in forex trading, violating Nigeria’s Advance Fee Fraud Act and Criminal Code.
Following his plea, the prosecution requested remand in a correctional facility pending trial, while defense counsel filed a bail application. The court granted the remand, adjourning the matter for a bail hearing.
This incident underscores concerns over AI-driven fraud in Nigeria, prompting calls for stricter regulations on deepfake technology.
Authorities continue to investigate, with potential implications for digital security and public awareness.
“The case highlights the growing misuse of AI in financial scams, where deepfakes impersonate prominent figures to build trust, similar to Hollywood’s pushback against Seedance 2.0 AI video tool