A retired naval officer and well-known Ibadan socialite, Commander Isaac Ademola Ajibike (Rtd), has been remanded at the Agodi Correctional Centre by an Ibadan Magistrate Court over multiple allegations bordering on fraud, theft, forgery, and criminal damage involving over ₦211 million.

Ajibike, the promoter of Demmy Jibicks Ventures, a loan company and former President of the Tennis Section of the Ibadan Recreation Club, was arraigned before Magistrate Oyekanmi over a five-count charge related to the fraudulent sale of property, forgery of documents, and theft of high-value construction materials and assets.

According to the charge sheet, Ajibike is accused of defrauding one Kingsley Atere of ₦95 million under the pretense of selling him a property located at No. 1 Ondo Close, Old Bodija Estate, Ibadan. The transaction, allegedly based on false representation, is said to have occurred on May 4, 2022.

He is further alleged to have forged a land sales agreement, which was presented as a loan repayment document to the owner, thereby facilitating the illegal sale of the said property. The third and fourth counts accuse him of fraudulently selling various assets belonging to the Ariyos including a Mercedes Benz car valued at ₦30 million, a 60KVA generator, construction iron rods, roofing sheets, imported cladding, and other building materials with a cumulative value of ₦116.9 million.

Ajibike also faces a fifth charge of willful and unlawful damage to a building, which he allegedly restructured without the owners’ consent, causing further loss estimated at ₦30 million.

Though the court granted bail, Magistrate Oyekanmi imposed strict conditions. The defendant must provide two sureties in the sum of ₦20 million each. The sureties must be close relatives, own verifiable property within the court’s jurisdiction valued at no less than ₦20 million, and be residents in those properties. They must also present valid three-year tax clearance certificates from Oyo State and show evidence of operating businesses within the state. All details provided by the sureties are to be verified before bail can be perfected.

Pending the fulfillment of these conditions, Commander Ajibike remains in custody at the Agodi Correctional Centre.

A retired naval officer and well-known Ibadan socialite, Commander Isaac Ademola Ajibike (Rtd), has been remanded at the Agodi Correctional Centre by an Ibadan Magistrate Court over multiple allegations bordering on fraud, theft, forgery, and criminal damage involving over ₦211 million.

Ajibike, the promoter of Demmy Jibicks Ventures, a loan company and former President of the Tennis Section of the Ibadan Recreation Club, was arraigned before Magistrate Oyekanmi over a five-count charge related to the fraudulent sale of property, forgery of documents, and theft of high-value construction materials and assets.

According to the charge sheet, Ajibike is accused of defrauding one Kingsley Atere of ₦95 million under the pretense of selling him a property located at No. 1 Ondo Close, Old Bodija Estate, Ibadan. The transaction, allegedly based on false representation, is said to have occurred on May 4, 2022.

He is further alleged to have forged a land sales agreement, which was presented as a loan repayment document to the owner, thereby facilitating the illegal sale of the said property. The third and fourth counts accuse him of fraudulently selling various assets belonging to the Ariyos including a Mercedes Benz car valued at ₦30 million, a 60KVA generator, construction iron rods, roofing sheets, imported cladding, and other building materials with a cumulative value of ₦116.9 million.

Ajibike also faces a fifth charge of willful and unlawful damage to a building, which he allegedly restructured without the owners’ consent, causing further loss estimated at ₦30 million.

Though the court granted bail, Magistrate Oyekanmi imposed strict conditions. The defendant must provide two sureties in the sum of ₦20 million each. The sureties must be close relatives, own verifiable property within the court’s jurisdiction valued at no less than ₦20 million, and be residents in those properties. They must also present valid three-year tax clearance certificates from Oyo State and show evidence of operating businesses within the state. All details provided by the sureties are to be verified before bail can be perfected.

Pending the fulfillment of these conditions, Commander Ajibike remains in custody at the Agodi Correctional Centre.