The plinths wrap around the fountain, which was erected in the late 19th Century in memory of Anthony Ashley Cooper, the seventh Earl of Shaftesbury, a politician and philanthropist.
Although the statue at the top of the fountain is generally known as Eros, it was created as an image of the Greek god’s brother, Anteros.
Mr Ilori grew up on Essex Road in Islington and studied art and design at London Metropolitan University.
His work references his Nigerian heritage and has been showcased globally through solo and group exhibitions, public commissions, as well as set and exhibition design.
In 2022, he created a new community playground in Parsloes Park, Dagenham, external, which made use of vibrant colours and geometric patterns.
His new artwork, unveiled by Art of London, will be located in Piccadilly Circus from 20 to 25 August.