Adesiyan Olayinka, a businessman based in Lagos, has been arraigned before the Federal High Court in Lagos on allegations of committing a massive N230 million forex investment fraud. The case against him was brought by the Federal Government, which accuses Olayinka of using an artificial intelligence-generated image of former Labour Party presidential candidate Peter Obi to perpetrate the fraud. He faces six charges including conspiracy, obtaining money under false pretenses, and fraudulent advertisement.

The arraignment occurred on Wednesday, with Justice Chukwujekwu Aneke presiding over the court proceedings. During the session, the prosecution requested the charges against Olayinka to be formally read, allowing him an opportunity to enter his plea. Olayinka pleaded not guilty to the allegations. The court proceedings included charges related to offences that are said to have taken place between July and October 2025, highlighting the ongoing issues of investment fraud in Nigeria, especially in leveraging digital technology and celebrity personas.

This case is particularly significant as it underscores the intersection of technology and crime within Nigeria's financial landscape, raising concerns over the safety of online investments. The involvement of AI technology in the cloning of images presents new challenges for law enforcement agencies as they combat fraudulent activities. As the case proceeds, it may serve as a precedent for how such fraud is prosecuted and the measures taken to protect investors in the future, emphasizing the need for awareness and regulation in the investment sector.