Retired Naval Officer Remanded Over N211m Fraud Allegations

Ibadan, Oyo State – A retired naval officer and prominent Ibadan socialite, Commander Isaac Ademola Ajibike (Rtd), has been remanded at the Agodi Correctional Centre by an Ibadan Magistrate Court. He faces multiple serious charges, including fraud, theft, forgery, and criminal damage, involving over ₦211 million.

Ajibike, known as the promoter of Demmy Jibicks Ventures, a loan company, and former President of the Tennis Section of the Ibadan Recreation Club, appeared before Magistrate Oyekanmi on a five-count charge. The allegations stem from the fraudulent sale of property, forgery of documents, and the theft of high-value construction materials and other assets.

According to the charge sheet, Commander Ajibike is accused of defrauding Kingsley Atere of ₦95 million. This alleged fraud occurred on May 4, 2022, under the pretense of selling a property located at No. 1 Ondo Close, Old Bodija Estate, Ibadan, a transaction reportedly based on false representation.

Further allegations include the forgery of a land sales agreement, which was purportedly presented as a loan repayment document to the property owner, thereby facilitating the illegal sale. The third and fourth counts accuse Ajibike of fraudulently selling various assets belonging to the Ariyos. These assets include 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 worth of ₦116.9 million.

Additionally, Ajibike faces a fifth charge of willful and unlawful damage to a building. He allegedly restructured the property without the owners’ consent, causing an estimated loss of ₦30 million.

While the court granted bail, Magistrate Oyekanmi imposed stringent conditions. Commander Ajibike must provide two sureties, each in the sum of ₦20 million.

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The sureties must be close relatives who own verifiable property within the court’s jurisdiction, valued at no less than ₦20 million, and reside in those properties. They are also required to present valid three-year tax clearance certificates from Oyo State and show evidence of operating businesses within the state. The court stipulated that all details provided by the sureties must be thoroughly verified before the bail can be perfected.

Until these conditions are met, Commander Ajibike will remain in custody at the Agodi Correctional Centre. The case has drawn significant attention within Ibadan’s social circles.