Dangote Denounces Fraudulent Investment Scheme Video as Deep Fake

A deceptive video circulating on social media platforms falsely shows Aliko Dangote, Africa’s richest man and chairman of the Dangote Group, endorsing an investment scheme allegedly “designed to help Nigerians grow their wealth.” The Dangote Group has officially denounced the video as a sophisticated deep fake.

In the manipulated two-minute clip, a digital version of Dangote appears to promote an unnamed investment program targeting Nigerians aged 30 and above. The video, captioned “My financial project for the people of Nigeria,” contains fabricated statements promising unrealistic returns.

“This year, you can participate in an official programme designed to help Nigerians secure and grow their wealth,” the fake Dangote claims in the video. “Thousands of families across the country are already seeing the difference this initiative can make.”

The doctored footage goes on to make extraordinary financial promises: “Let me be clear, if you join this programme today you can earn up to N2.66 million in just the first week. This is not a dream, it’s real, verifiable and backed by a system designed for your success.” The fake investment scheme purportedly requires a minimum investment of N380,000 to begin earning “daily returns automatically.”

Anthony Chiejina, spokesperson for the Dangote Group, responded swiftly on Tuesday to debunk the video, stating unequivocally: “It’s a deep fake.”

Investigation by fact-checkers revealed multiple red flags indicating the video’s fraudulent nature. No credible news outlets reported the launch of such an investment program by Dangote—an event that would have generated significant coverage given his prominence in African business circles.

Technical analysis of the video showed clear signs of manipulation. Close examination of the mouth region reveals digital imposition, a common technique in deep fake videos where a subject’s facial movements are altered to match fabricated speech.

Further investigation determined the original footage was taken from a legitimate interview Dangote gave on October 28 at the Future Investment Initiative in Riyadh, Saudi Arabia. The fraudsters maintained visual elements including Dangote’s attire and the backdrop but digitally altered his speech.

This incident highlights the growing sophistication of deep fake technology and its potential for financial fraud. The Dangote Group, a multinational industrial conglomerate and Nigeria’s largest private-sector employer, has become a target for scammers attempting to capitalize on the billionaire’s reputation and credibility.

Financial experts warn that investment scams promising extraordinary returns in short timeframes are classic red flags of Ponzi schemes. The N2.66 million return within one week promised in the fake video would represent an astronomical 700% return on the initial N380,000 investment—an implausible yield that defies economic fundamentals.

The Nigerian Securities and Exchange Commission has recently intensified warnings about fraudulent investment schemes targeting vulnerable citizens amid economic challenges. Nigeria’s financial regulatory bodies have repeatedly advised citizens to verify investment opportunities with registered institutions before committing funds.

This incident joins a growing list of celebrity impersonation scams in Nigeria and across Africa, where prominent business leaders and public figures are falsely depicted endorsing get-rich-quick schemes. The increasing accessibility of artificial intelligence tools has made creating convincing deep fakes more accessible to fraudsters.

Cybersecurity experts recommend that consumers verify investment opportunities directly through official company websites or registered financial institutions and remain skeptical of social media promotions promising extraordinary returns.