By Yusuf Danjuma Yunusa
Prominent African businessman and philanthropist Tony Elumelu has issued a stark warning regarding the dangers of artificial intelligence misuse, following the circulation of a deepfake video that fraudulently depicted him endorsing a forex and cryptocurrency trading platform.
In a statement released via his official X handle on Monday, Elumelu alerted the public to the sophisticated scam, revealing that the highly realistic video was a complete fabrication.
“A few days ago, my team flagged an AI-generated video of me endorsing a forex and crypto platform,” Elumelu wrote. “It looked and sounded remarkably real, but it was completely fake. This incident highlights a growing and serious threat to digital trust.”
The business leader moved to assure the public that he has no affiliations with any such platforms, reiterating his long-standing commitment to economic development through legitimate channels.
“For the avoidance of doubt, I am not associated with any crypto or forex trading platforms,” he stated emphatically. “My commitment to inclusive prosperity has always been through long-term investments, building sustainable businesses, and empowering entrepreneurs.”
While denouncing the misuse of the technology, Elumelu also acknowledged the transformative power of AI, urging African youth to harness it for positive change. He stressed the importance of the continent participating in the Fourth Industrial Revolution.
“I strongly believe in the potential of AI. It is a defining technology of our time, and African youth must be at the forefront of adopting it to build scalable solutions,” he said. “We cannot afford to be left behind in the global tech race.”
However, he cautioned that this rapid innovation creates a dual-edged sword, necessitating urgent regulatory action. He noted the alarming ease with which public figures’ identities can now be cloned to defraud the public.
“But the flip side of rapid innovation is the risk of abuse,” Elumelu warned. “The ease with which identities can now be cloned to deceive the public is alarming. Policymakers and regulators must act now to establish safeguards and hold those using it to scam innocent people accountable.”
Elumelu concluded his message with a direct appeal to the public to exercise extreme caution and protect themselves from digital fraud, framing the fight against such scams as essential to building a trustworthy digital ecosystem in Africa.
“We must create a safe digital environment where true innovation can thrive without being overshadowed by fraud,” he urged. “Protect your hard-earned money, stay alert, and let us continue to build the Africa we deserve.”
In his post, he tagged X owner Elon Musk and Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy, calling for stronger safeguards against the malicious use of synthetic media.
This incident is the latest in a growing pattern of AI-powered scams targeting high-profile Nigerians. Last month, former Vice President Atiku Abubakar was forced to deny an AI-generated audio clip that falsely promised a massive cash giveaway to Nigerians.
His media aide, Paul Ibe, swiftly distanced the former VP from the fraudulent scheme, which had been circulating widely online and preying on unsuspecting citizens.
