Lagos Businessman Arraigned for N230M AI-Cloned Peter Obi Forex Fraud
Analysis based on 8 articles · First reported Feb 18, 2026 · Last updated Feb 19, 2026
This event highlights the increasing risk of AI-powered fraud in financial markets, potentially leading to increased scrutiny and regulation of online investment platforms. It also underscores the importance of due diligence for investors, as such scams can erode trust in legitimate forex trading and investment opportunities.
A Lagos-based businessman, Adesiyan Kayode Olayinka, has been arraigned before the Nigeria===Federal High Court of Nigeria in Lagos on six counts related to an alleged N230 million foreign exchange investment fraud. The prosecution claims Adesiyan Kayode Olayinka used Artificial Intelligence (AI) to clone the image of Peter Obi, the 2023 presidential candidate for the Nigeria===Labour Party, on his Facebook page. This cloned image was allegedly used to fraudulently advertise a forex trading and investment platform called Modmut International, luring a complainant, Fredrick Amaechi, and other members of the public to invest. Funds were reportedly paid into accounts with First City Monument Bank, Sterling Bank, and Ecobank Transnational Incorporated. Adesiyan Kayode Olayinka pleaded not guilty to the charges. Justice Chukwujekwu Aneke ordered Adesiyan Kayode Olayinka's remand at the Nigeria===Nigeria Correctional Service facility in Ikoyi, adjourning the bail application ruling to February 25, 2026. The alleged offences occurred between July and October 2025.
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