Man Remanded Over N230 Million AI Fraud In Lagos
A Lagos court has ordered the remand of Kayode Olayinka over an alleged N230 million fraud involving AI-generated images of former presidential candidate Peter Obi.
The case was brought before Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi.
Olayinka faces six charges including conspiracy, obtaining money by false pretence, fraudulent advertisement, and stealing under the Advance Fee Fraud and Other Related Offences Act and the Criminal Code Act.
He pleaded not guilty to all counts.
Authorities allege that Olayinka used AI technology to clone Obi’s image on social media, presenting him as a beneficiary of a forex investment platform called Modmut International, and lured victims into transferring funds.
The prosecution said the funds were diverted without any actual forex trading taking place.
The court adjourned the bail ruling until 25 February 2026, while investigations continue into the alleged scheme.
Authorities warned that false representation using AI in investment schemes would be treated with utmost seriousness.
