Forex Scam Linked To Peter Obi Hits Court
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A Lagos businessman, Adesiyan Kayode Olayinka, has been remanded by a Federal High Court in Ikoyi over an alleged N230 million forex fraud linked to the use of an AI-generated image of former Labour Party presidential candidate Peter Obi.
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The case was heard on Wednesday before Justice Chukwujekwu Aneke.
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Prosecutors said the suspect was arraigned on six counts including conspiracy, obtaining money by false pretence, fraudulent advertisement and stealing under the Advance Fee Fraud Act and the Criminal Code.
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He denied all the charges after they were read in court.
The government alleged that between July and October 2025, he and others still at large used cloned images of Obi to promote a forex platform called Modmut International.
A complainant, Fredrick Amaechi, was said to have paid N230 million into several bank accounts after being led to believe the investment was genuine.
Investigators claimed the funds were diverted for personal use.
The judge ordered the defendant to be held at the Ikoyi Correctional Centre and fixed February 25, 2026, for a ruling on the bail request.
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