Chairman of Heirs Holding and United Bank for Africa (UBA) Tony Elumelu has warned the public about the misuse of artificial intelligence after an AI-generated video falsely showed him endorsing a forex and cryptocurrency trading platform.
Mr Elumelu shared the warning on his official X account on Monday, saying the video looked real but was completely fabricated.
He said he has no affiliation with any crypto or forex trading platforms.
“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 wrote.
“For the avoidance of doubt, I am not associated with any crypto or forex trading platforms. My commitment has always been through long-term investments, building sustainable businesses, and empowering entrepreneurs.”
He urged African youths to embrace artificial intelligence responsibly to develop scalable solutions but cautioned that rapid technological advancement carries risks if not regulated.
He called on policymakers, regulators and the Federal Ministry of Communications, Innovation and Digital Economy to establish safeguards and hold offenders accountable.
“We must create a safe digital environment where 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,” Tony Elumelu added.
The incident follows similar AI-driven scams targeting public figures in Nigeria.
Former Vice President Atiku Abubakar earlier denied a video showing him promising a giveaway, while Senator Natasha Akpoti-Uduaghan and Ngozi Okonjo-Iweala have also alerted the public to false AI-generated content circulating online.
These incidents highlight a growing pattern of online scams that use manipulated videos of public figures to mislead citizens and solicit funds.
