The Federal Government on Wednesday arraigned Lagos-based businessman Adesiyan Olayinka before the Federal High Court in Lagos over an alleged N230 million forex investment fraud that involved using an AI-cloned image of former Labour Party presidential candidate Peter Obi.

Olayinka appeared before Justice Chukwujekwu Aneke facing six counts, including conspiracy, obtaining money by false pretence, fraudulent advertisement, and stealing, as contained in charge FHC/L/1123C/2025.

During proceedings, the prosecution requested that the charge be read to the defendant, which the court granted. Olayinka pleaded not guilty to all counts. The alleged offences reportedly occurred between July and October 2025 at No. 20, Sule Street, Mangoro, Ikeja, Lagos State.

According to the prosecution, Olayinka and others still at large conspired to defraud members of the public by falsely portraying Obi as a beneficiary of a forex trading and investment platform known as Modnut International. The government alleged that Olayinka obtained a total of N230 million from Fredrick Amaechi under the pretext of a forex trading partnership, with funds deposited into accounts at FCMB, Sterling Bank, Ecobank, and other banks.

The prosecution added that Olayinka employed AI technology to clone Obi’s image on social media, misleading the public to invest, and subsequently converted the funds for personal use without conducting any forex trading.

The offences were said to contravene Sections 8(a), (b) and (c), 1(1)(a), (b) and (c), 1(3), 7(1)(a)(2) of the Advance Fee Fraud and Other Related Offences Act, 2016, and Sections 383 and 390(9) of the Criminal Code Act.

Following the arraignment, the prosecution requested that the court set a trial date and remand the defendant in a correctional facility pending trial. Olayinka’s defence counsel noted that a bail application had been filed and urged the court to hear it immediately.

The prosecution indicated it would not oppose bail but requested a fixed trial date. The bail motion, filed on February 17, 2026, was supported by a 16-paragraph affidavit deposed to by the defendant’s wife.

In a brief ruling, Justice Aneke ordered Olayinka to be remanded at the Ikoyi Correctional Centre and adjourned ruling on the bail application until February 25, 2026, pending the completion of bail conditions.