Lagos businessman arraigned for N230m forex fraud using AI-cloned image of Peter Obi
A Lagos businessman was arraigned for allegedly defrauding investors of N230 million using AI-cloned images of former Labour Party presidential candidate Peter Obi to promote a fake forex trading platform. The defendant used the synthetic images on social media to lure victims into investing in the fraudulent scheme, which operated between July and October 2025.
What happened
A Lagos-based businessman, Adesiyan Olayinka, was arraigned before the Federal High Court in Lagos on February 19, 2026, over an alleged N230 million forex investment fraud. The prosecution alleged that Olayinka and others used artificial intelligence to clone the image of former Labour Party presidential candidate Peter Obi and posted the cloned images on Facebook, portraying him as a member or beneficiary of a forex trading platform known as Modnut International.
The defendant allegedly obtained a total sum of N230 million from complainant Fredrick Amaechi at different times between July and October 2025, under the guise of a forex trading partnership with the purported firm. The funds were paid into bank accounts operated with FCMB, Sterling Bank, Ecobank and other financial institutions. Olayinka allegedly converted the funds to personal use without conducting any forex trading as represented.
Reported impact
Fredrick Amaechi was defrauded of N230 million through the scam. The use of Peter Obi's AI-cloned image was designed to lure the complainant and members of the public into investing in the fraudulent platform.
Index analysis
The incident involved the deployment of AI image cloning technology to create deepfake images of a public figure without consent. These synthetic images were used on social media to establish credibility for a fraudulent forex trading scheme.
Governance controls
Olayinka was arraigned on six counts of conspiracy, obtaining money by false pretence, fraudulent advertisement and stealing. The defendant pleaded not guilty to all charges. The case contravenes the Advance Fee Fraud and Other Related Offences Act, 2016, as well as the Criminal Code Act.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.