Lagos businessman faces court over alleged N230m forex scam
A Lagos-based businessman, Adesiyan Olayinka, has been arraigned before the Federal High Court in Lagos for allegedly defrauding an individual of N230 million through a forex investment scheme. The prosecution claims he used an artificial intelligence-cloned image of Peter Obi to lure victims. Olayinka pleaded not guilty to all charges. The court proceedings involved discussions on bail and the remand of the defendant.
What happened
- The Federal Government arraigned Adesiyan Olayinka before Justice Chukwujekwu Aneke on six counts including conspiracy, obtaining money by false pretence, and stealing.
- The prosecution alleged that Olayinka and others used cloned images and advertisements of Peter Obi to obtain N230 million from Fredrick Amaechi under the guise of a forex trading partnership.
- Funds were reportedly paid into accounts at FCMB, Sterling Bank, Ecobank, and other financial institutions.
- The prosecution stated that the offences occurred between July and October 2025 at No. 20, Sule Street, Mangoro, Ikeja, Lagos State.
- The court adjourned ruling on the bail application until February 25, with the defendant remanded at Ikoyi Correctional Centre pending the perfection of his bail conditions.
