A retired naval officer and prominent Ibadan socialite, Commander Ademola Ajibike (Rtd), has been remanded at the Agodi Correctional Centre by an Ibadan Magistrate Court following allegations of fraud, forgery, and theft totalling ₦211 million.
Commander Ajibike, a well-known figure in elite Ibadan social circles and former President of the Tennis Section of the Ibadan Recreation Club, appeared before Magistrate Oyekanmi on Saturday. He is the promoter of Demmy Jibicks Ventures, a loan and investment outfit now at the heart of a wide-reaching fraud scandal.
Court documents allege that Ajibike fraudulently obtained large sums of money through false pretences, forged documents, and misappropriated investor funds for personal use. The charges brought against him include multiple counts of fraud, forgery, and stealing.
Although the court granted him bail, the conditions were described as stringent. Ajibike is required to provide two sureties in the sum of ₦200 million each. The sureties must be close relatives, own landed property within the court’s jurisdiction (valued at no less than ₦20 million), and be residing in those properties.
Additionally, each surety must show evidence of running a registered business within Oyo State and present a valid three-year tax clearance certificate issued by the Oyo State government. The court also ordered that the addresses and credentials of the sureties be verified before any release is effected.
Until these conditions are met, Commander Ajibike will remain in custody at the Agodi Correctional Centre
