A Lagos Federal High Court on Wednesday, February 18, 2026, remanded businessman Adesiyan Kayode Olayinka in custody over an alleged N230 million fraud involving the use of an AI-generated image of Peter Obi.
Olayinka was arraigned before the Federal High Court on six counts bordering on conspiracy, obtaining money by false pretence, fraudulent advertising, and stealing. He pleaded not guilty to all the charges.
Prosecutors told the court that the defendant used a cloned image of Obi on social media to portray him as a beneficiary of a forex trading and investment platform known as Modmut International, allegedly luring unsuspecting victims to invest.
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He was accused of obtaining N230 million from one complainant under the guise of a forex trading partnership and converting the funds to personal use without carrying out any trading activity.
Following his not-guilty plea, the court ordered that he be remanded at the Ikoyi custodial facility of the Nigeria Correctional Service pending trial, while adjourning to Wednesday, February 25, 2026, for the hearing of his bail application.
The alleged offences were said to have taken place between July and October 2025 in Mangoro, Ikeja, Lagos State.