Retired Naval Officer Arraigned In Court For Alleged Impersonation And N211m Scam

Isaac Ademola Ajibike arriving the court premises

A Magistrate Court sitting in Ibadan has granted bail in the sum of N20m to a retired naval officer and socialite, Isaac Ademola Ajibike, who is standing trial over a N211m alleged fraud case.

Ajibike, a former President of the Tennis Section of the Ibadan Recreation Club and promoter of Demmy Jibicks Ventures, was arraigned on a five-count charge bordering on obtaining money under false pretence, forgery, theft, and malicious damage.

According to the charge sheet marked MI/713c/2024, Ajibike allegedly defrauded one Kingsley Atere of N95m on May 4, 2022, by falsely claiming ownership of a property located at No. 1 Ondo Close, Old Bodija Estate, Ibadan.

He was said to have misrepresented the transaction as a genuine sale, leading to the alleged fraudulent transfer of the property.

The second count accuses the defendant of forging a land sales agreement, which was passed off as a loan repayment document. The prosecution said the forged document was used to unlawfully dispose of the said property.

In addition, Ajibike is alleged to have fraudulently sold various assets belonging to members of the Ariyo family. These include a Mercedes Benz car worth ₦30m, a 60KVA generator, iron rods, roofing sheets, imported wall cladding, and other building materials estimated at N116.9m in total.

The fifth count relates to alleged criminal damage. Prosecutors claimed that the defendant unlawfully restructured part of the disputed property without consent from the owners, resulting in damages reportedly valued at N30m.

When the charges were read, Ajibike pleaded not guilty.

Magistrate Oyekanmi admitted the defendant to bail in the sum of N20m, with two sureties in like sum.

The sureties, who must be close relatives of the defendant, are required to present evidence of property ownership within the court’s jurisdiction valued at not less than N20m.

They must also provide valid Oyo State tax clearance certificates for the last three years and prove they run verifiable businesses within the state.

The court directed that all documents submitted by the sureties be verified by the court registrar before bail would be perfected.

The magistrate, therefore, ordered that Ajibike remains in custody at the Agodi Correctional Centre pending the fulfilment of his bail conditions and adjourned the matter for further hearing.

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