A Magistrate Court sitting in Ibadan has remanded a retired naval officer and prominent socialite, Commander Isaac Ajibike (Rtd), at a correctional centre over an alleged ₦211 million fraud.
Ajibike, a former President of the Tennis Section of the Ibadan Recreation Club, was arraigned on a five-count charge bordering on fraudulent property sale, forgery of documents, theft of high-value assets, and unlawful property damage.
According to court documents, Ajibike is accused of defrauding one Kingsley Atere of ₦95 million on May 4, 2022, under the pretense of selling him a property located at No. 1 Ondo Close, Old Bodija Estate, Ibadan.
He allegedly presented forged documents to facilitate the transaction, misrepresenting the property’s ownership and disguising a forged land sale agreement as a loan repayment document.
Further allegations leveled against Ajibike indicate that the former naval officer fraudulently disposed of assets belonging to the Ariyo family, including a Mercedes-Benz valued at ₦30 million, a 60KVA generator, iron rods, imported cladding, roofing sheets, and other construction materials with a cumulative worth of ₦116.9 million.
In addition, the charges presented before Magistrate Oyekanmi accused him of unlawfully restructuring a building without the owners’ consent, resulting in damages estimated at ₦30 million.
During his arraignment, Ajibike, who is also a promoter of Demmy Jibicks Ventures, a well-known loan company in the state, pleaded not guilty to the charges brought against him.
Magistrate Oyekanmi, who presided over yesterday’s proceedings, granted the former naval officer bail after hearing from the prosecution.
The magistrate also ordered him to provide two sureties, each with property worth at least ₦20 million within the court’s jurisdiction.
The sureties, Oyekanmi stated, must be close relatives, reside in the respective properties, possess valid three-year Oyo State tax clearance certificates, and present evidence of active businesses within the state.
The court emphasized that all surety details must be verified before bail is perfected.
Until these conditions are met, Ajibike remains in custody at the Agodi Correctional Centre as the case proceeds.
