Tony Elumelu Issues Urgent Warning After Realistic AI Deepfake Falsely Endorses Cryptocurrency and Forex Trading Schemes

Businessman Tony Elumelu warns of a "serious threat to digital trust" after a realistic AI video falsely depicted him endorsing a crypto trading platform.

By: AXL Media

Published: Mar 16, 2026, 11:21 AM EDT

Source: The information in this article was sourced from Punch

Combating the Rise of Digital Deception

Tony Elumelu, the Chairman of Heirs Holdings and a leading African philanthropist, has raised the alarm over the malicious use of artificial intelligence following the discovery of a fraudulent endorsement video. The deepfake, which Elumelu described as remarkably realistic, featured his likeness and voice promoting a cryptocurrency and forex trading platform. Speaking via his official X handle on Monday, March 16, 2026, the business leader clarified that the footage was entirely fabricated by bad actors. He noted that the incident represents a serious escalation in the threat to digital trust, as the technology now allows for the near-perfect cloning of high-profile identities to deceive the unsuspecting public.

Clarifying Investment Philosophy and Institutional Ties

To prevent any public confusion, Elumelu explicitly stated that he has no personal or professional affiliations with any cryptocurrency or foreign exchange trading ventures. He emphasized that his approach to wealth creation has always been rooted in long-term investments, the building of sustainable enterprises, and the empowerment of entrepreneurs across the continent. According to Elumelu, his commitment to inclusive prosperity is incompatible with the speculative and often volatile nature of the platforms featured in the scam video. He urged his followers to rely only on verified communication channels to avoid falling victim to financial predators using his reputation as bait.

The Dual Nature of Artificial Intelligence

Despite being a victim of the technology, Elumelu maintained a balanced view on the role of artificial intelligence in Africa's future. He described AI as a defining technology of the current era and encouraged African youth to remain at the forefront of its adoption to build scalable local solutions. However, he warned that the rapid pace of innovation carries an inherent risk of abuse if not matched by ethical standards. Elumelu’s position is that while Africa cannot afford to be left behind in the global technological race, the continent must be equally proactive in developing defensive mechanisms to counter the "flip side" of rapid digital innovation.