Tony Elumelu Raises Alarm Over AI Scam Video Falsely Promoting Forex, Crypto Platform
- Tony Elumelu has issued a disclaimer after an AI-generated video falsely showed him endorsing a forex and cryptocurrency trading platform
- The billionaire businessman denied any association with such platforms and urged the public to remain vigilant against digital scams
- Elumelu also called on regulators, both local and international, to introduce stronger safeguards to prevent AI-driven fraud
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Nigerian businessman and philanthropist, Tony Elumelu, has warned about the growing dangers of artificial intelligence misuse after an AI-generated video falsely showed him promoting a forex and cryptocurrency trading platform.
The founder of Tony Elumelu Foundation revealed this in a post on his X account on Monday, explaining that the video appeared highly convincing but was entirely fabricated.
Source: UGC
He stated:
“A few days ago, my team flagged an AI-generated video of me endorsing a forex and crypto platform.
“It looked and sounded remarkably real, but it was completely fake. This incident highlights a growing and serious threat to digital trust.”
Elumelu denies link to crypto, forex platforms
Elumelu firmly distanced himself from any cryptocurrency or foreign exchange trading scheme, stressing that he has never endorsed or partnered with such platforms.
“For the avoidance of doubt, I am not associated with any crypto or forex trading platforms,” he said.
He said his commitment to inclusive prosperity has always been through long-term investments, building sustainable businesses, and empowering entrepreneurs.
The business leader is widely known for promoting entrepreneurship and economic empowerment across Africa through his foundation and investments.
Elumelu calls for responsible AI Use
While acknowledging the enormous potential of artificial intelligence, Elumelu encouraged African youths to embrace the technology responsibly and use it to develop innovative and scalable solutions.
However, he cautioned that the rapid advancement of technology also comes with serious risks if not properly regulated.
Elumelu also urged the public to stay alert and protect themselves from digital fraud.
“We must create a safe digital environment where true innovation can thrive without being overshadowed by fraud. Protect your hard-earned money, stay alert, and let us continue to build the Africa we deserve,” he said.
In the same post, he tagged X owner Elon Musk and Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy, calling for stronger safeguards against the misuse of artificial intelligence.
Prominent Nigerians whose images have been used for scams
The incident reflects a growing wave of AI-powered scams targeting prominent Nigerians.
Zenith Bank Plc recently rejected and denounced a circulating video that falsely purports to show its Group Chairman, Jim Ovia, endorsing an investment opportunity.
Earlier in March, former Vice President Atiku Abubakar also denied involvement in a viral AI-generated video claiming he was planning a massive giveaway to Nigerians.
However, his media aide, Paul Ibe, quickly dismissed the claim, distancing the former vice president from what he described as a misleading online scheme.
Also, the Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala, warned the public about a fraudulent AI-generated video that wrongly showed her endorsing a comparable investment scheme.
Source: Getty Images
NCC warns against "Wangiri" missed call scam
In related news, Legit.ng reported that the Nigerian Communications Commission (NCC) issued a cautionary alert to the public regarding the rampant "Wangiri" phone scams.
This development follows the Commission's earlier public notice that it had received complaints from over 20,000 Nigerians who have fallen victim to telecom fraud.
In this type of scam, perpetrators make brief calls to individuals, promptly disconnecting and expecting the recipient to initiate a return call.
Source: Legit.ng
