Tony Elumelu, a prominent Nigerian businessman and philanthropist, has drawn the attention of the public to the escalating dangers posed by artificial intelligence in undermining public faith in digital spaces.
Persecondnews reports that this comes after he encountered a fabricated video that falsely depicted him promoting investment schemes in foreign exchange and cryptocurrency markets.
Elumelu reiterated the urgent need for protective measures to combat such deceptive practices that exploit advanced technology.
He clarified his stance on financial ventures via his official X handle on Monday saying, “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 stated that his focus remains on fostering economic growth through enduring initiatives rather than short-term trading opportunities.
Elumelu also expressed optimism about artificial intelligence’s role in progress, noting, “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 highlighted how young people on the continent should lead in harnessing this tool for innovative problem-solving.
He, however, cautioned against the downsides of unchecked technological advancement, stating, “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
“@FMCIDENigeria must act now to establish safeguards and hold those using it to scam innocent people accountable.”
Elumelu urged authorities to implement stricter controls to prevent misuse that targets unsuspecting individuals.
Wrapping up his message, Elumelu called for a balanced approach to digital development, adding, “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.”
His words underscore the importance of vigilance in an era where technology can both empower and endanger.
Beyond individual cases like Elumelu’s, the broader landscape of digital security in sub-Saharan Africa reveals mounting challenges for small and medium-sized enterprises.
Threats have evolved far past simple deceptive emails, incorporating advanced AI-generated content and complex manipulation tactics that trick users into revealing information.
On a worldwide scale, the financial toll from online crimes is expected to climb to $10.5 trillion this year, driven by tools like generative AI that enable more refined attacks.
These include crippling software that locks systems for ransom and stealthy operations that siphon off private information from clients over time.
In the region, the situation is dire, with over 70% of small businesses in South Africa reporting at least one cyber intrusion attempt.
Nigeria contends with around 3,759 such incidents targeting companies each week, while Kenya saw a staggering 2.54 billion threats in just the initial three months of 2025.
Overall, the continent forfeits about 10% of its economic output annually due to these digital assaults.
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