Tony Elumelu has warned the public against a fake AI-generated video that falsely shows him endorsing cryptocurrency and forex trading platforms.
The businessman said the clip was fabricated and urged Nigerians to ignore it. He said he had no relationship with any crypto or forex trading platform linked to the video.
According to reports, Elumelu said his team identified the video days earlier and confirmed that it was not genuine, despite appearing convincing.
He said the incident showed how artificial intelligence could now be used to clone identities and mislead the public. While backing the positive use of AI, he also called for stronger safeguards and urged regulators and policy makers to take firmer action against digital fraud.
The incident adds to growing concern over the use of AI tools in online investment scams. Fraudsters have increasingly used fake testimonials, manipulated videos and false celebrity endorsements to lure victims with promises of quick returns.
The Elumelu case reflects a broader trend in which public figures are used, without their consent, to give false credibility to online scams. The rising quality of deepfake videos and voice-cloning tools has made it harder for many users to distinguish genuine content from manipulated material, especially on social media platforms.
Elumelu’s warning comes amid wider calls for stronger digital safeguards, public awareness and tougher action against those using artificial intelligence to facilitate fraud.
