ELUMELU WARNS OF AI MISUSE AFTER FAKE VIDEO PROMOTES FOREX, CRYPTO PLATFORM
Read Time:2 Minute, 17 Second
By Aishat Momoh. O.
Prominent African businessman and philanthropist, Tony Elumelu, has warned about the growing risks of artificial intelligence misuse after an AI-generated video falsely portrayed him endorsing a forex and cryptocurrency trading platform.
Elumelu raised the alarm in a post on his X handle on Monday, revealing that the video, which appeared highly realistic, was completely fabricated.
“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,” he wrote.
He clarified that he has no affiliation with any cryptocurrency or foreign exchange trading platforms.
“For the avoidance of doubt, I am not associated with any crypto or forex trading platforms. My commitment to inclusive prosperity has always been through long-term investments, building sustainable businesses, and empowering entrepreneurs,” he said.
While acknowledging the transformative potential of artificial intelligence, Elumelu urged African youths to adopt the technology responsibly and leverage it to develop scalable solutions.
“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. We cannot afford to be left behind in the global tech race,” he added.
However, the business leader warned that rapid technological advancement also comes with risks if not properly regulated.
“The flip side of rapid innovation is the risk of abuse. 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,” he said.
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Elumelu also urged the public to remain vigilant against digital fraud and protect their finances.
“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 added.
In the post, Elumelu also tagged Elon Musk, owner of X, and Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy while calling for stronger safeguards against the misuse of artificial intelligence.
The incident reflects a growing trend of AI-powered scams targeting high-profile Nigerians.
Earlier in March, former Vice President Atiku Abubakar also dismissed a viral AI-generated video claiming he was offering massive giveaways to Nigerians.
In the purported clip, Atiku appeared to promise financial gifts to random Nigerians. However, his media aide, Paul Ibe, distanced the former vice president from the alleged empowerment scheme circulating online.
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