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Nigerian billionaire businessman Tony Elumelu has raised alarm over the growing misuse of artificial intelligence after a fake video surfaced online showing him endorsing a forex and cryptocurrency trading platform.
The Chairman of Heirs Holdings and United Bank for Africa took to his official social media platform to debunk the video, warning Nigerians to be cautious of increasingly sophisticated digital scams.
In a statement shared on Monday, Elumelu explained that the video, which has been circulating online, was entirely fabricated using AI technology.
According to him, the clip appeared highly convincing, mimicking both his voice and physical appearance, but it does not reflect reality. He made it clear that he has no connection whatsoever with any forex or cryptocurrency trading schemes being promoted using his identity.
“A few days ago, my team flagged an AI-generated video of me endorsing a forex and crypto platform. It looked and sounded real, but it was completely fake,” he said.
Elumelu further clarified his stance, emphasizing that his work has always been rooted in long-term investments, economic empowerment, and building sustainable businesses across Africa, rather than engaging in speculative or quick-profit ventures.
The business mogul used the opportunity to caution the public, especially young Nigerians, about the dangers posed by the misuse of artificial intelligence.
While he acknowledged the immense potential of AI as a tool for innovation and development, he stressed that its rapid advancement also presents serious risks if left unchecked. He urged individuals to remain vigilant and avoid falling victim to fraudulent schemes that exploit the credibility of well-known figures.
Elumelu also called on relevant authorities, including the Federal Ministry of Communications, Innovation and Digital Economy, to take proactive steps in regulating the use of AI technologies.
He emphasized the need for clear policies and enforcement mechanisms that will deter cybercriminals and protect citizens from financial exploitation. According to him, creating a secure digital environment is essential for fostering trust and enabling innovation to thrive.
“We must create a safe digital environment where innovation can grow without being overshadowed by fraud. Protect your hard-earned money and stay alert,” he advised.
This incident is part of a broader trend in Nigeria, where cybercriminals are increasingly leveraging AI-generated content to deceive the public.
Other prominent figures have also been targeted in similar scams. Former Vice President Atiku Abubakar previously disowned a viral video that falsely showed him promising a giveaway to Nigerians.
Likewise, Senator Natasha Akpoti-Uduaghan and global finance expert Ngozi Okonjo-Iweala have issued warnings about manipulated videos using their identities.
These developments highlight a disturbing pattern where advanced technology is being weaponised for fraud.
Experts warn that as AI tools become more accessible, the risk of deepfake scams will continue to rise, making it increasingly difficult for ordinary people to distinguish between real and fake content.
Elumelu’s warning serves as a timely reminder for Nigerians to exercise caution when engaging with online financial opportunities.
As digital scams evolve, public awareness and stronger regulatory frameworks will be crucial in combating this growing threat and safeguarding citizens from financial loss.
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