Elumelu Urges Stronger Digital Safeguards

Prominent African businessman and philanthropist, Tony Elumelu has raised alarms over the growing risks of artificial intelligence misuse

following an AI-generated video that falsely showed him endorsing a forex and cryptocurrency trading platform.

Elumelu disclosed the incident on his X account on Monday, describing the video as “completely fake” despite its realistic appearance. “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.

Stressing that he has no affiliation with cryptocurrency or forex trading platforms, Elumelu said: “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.”

While recognizing AI’s transformative potential, Elumelu urged African youths to adopt the technology responsibly. “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, he warned that rapid technological innovation also brings risks. “But 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.

Elumelu also urged the public to stay vigilant against 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 his post, he tagged X owner Elon MuskElon Musk and Nigeria’s Federal Ministry of Communications, Innovation and Digital EconomyFederal Ministry of Communications, Innovation and Digital Economy, calling for stronger safeguards against AI misuse.

Elumelu’s warning comes amid a rise in AI-powered scams targeting high-profile Nigerians. Earlier this month, former vice president Atiku AbubakarAtiku Abubakar had to deny an AI-generated video in which he allegedly promised a massive giveaway to Nigerians. His media aide, Paul Ibe, distanced him from the viral scheme, highlighting the increasing prevalence of deepfake-related fraud in the country.