The police have arraigned a middle-aged man, Olayinka Adesiyan, before the Federal High Court, Lagos over an alleged N230 million forex investment scam involving an AI-cloned image of former Labour Party presidential candidate, Peter Obi.
The police docked Adesiyan yesterday before Justice Chukwujekwu Aneke on a six-count charge of conspiracy, obtaining money by false pretences, fraudulent advertising, and theft.
The police prosecutor, Austin Nwabuisi, told the court that the defendant committed the offences between July and October 2025 at 20 and 26 Sule Street, Mangoro, Ikeja, Lagos.
Nwabuisi claimed that the defendant and others now at large conspired to obtain money through false pretences by using cloned images and advertisements of Peter Obi, claiming he was involved in a forex trading platform called Modmut International.
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He also alleged that the defendant received about N230 million from one Fredrick Amaechi, supposedly through a forex partnership, with funds transferred to various bank accounts.
The prosecutor further informed the judge that the defendant allegedly used AI technology to clone Peter Obi's Facebook image, portraying him as a beneficiary of the forex platform to lure investors.
Nwabuisi argued that the offences breach sections 1(a), (b), (c), 7(i), and 8(a), (b) of the Advance Fee Fraud and Other Related Offences Act, 2016, as well as Sections 383 and 390(9) of the Criminal Code Act.
He claimed that the defendant diverted the funds for personal use without engaging in any real forex trading.
The defendant, however, pleaded not guilty to the charge.
Following developments, ASP Nwabuisi urged the court to fix a trial date and remand the defendant in a Nigerian Correctional Service facility pending trial.
However, the defence lawyer, Taofeek Jimoh, said a bail application had already been filed and served on the prosecution. He asked the court to hear the bail request immediately.
The prosecutor did not oppose bail but requested a clear trial date.
The defence argued that the bail application, supported by a 16-paragraph affidavit from the defendant's wife, should be granted on favourable terms.
Judge Aneke ordered that the defendant be remanded to the Ikoyi Correctional Facility and reserved ruling on the bail application until February 25, 2026.
