The company is a subsidiary of Obasanjo Holdings Limited (OHL), owned by a former President, Chief Olusegun Obasanjo.
Ajayi, the Balogun of Ijemo in Abeokuta South Council Area and owner of the popular Rantipe Petroleum, was charged to court on a three-count bordering on forgery, fraud and stealing.
The police prosecutor, Sunday Eigbejiale, said the accused fraudulently forged the Sidipon Community Power of Attorney and fraudulently used same to obtain N105 million from Alarab Properties.
Eigbejiale told the court that the accused obtained the huge sum in the sales of 67 acres of land at the Sidipon village, along Abeokuta- Sagamu Expressway. The police prosecutor said the offence was contrary to and punishable under Section 419 revised law of Ogun State 2004.
Ajayi, however, pleaded not guilty when the charges were read to him.
Chief Magistrate Oriyomi Sofowora admitted the accused to bail in the sum of N250,000 with two sureties in like sum.
The Magistrate thereafter adjourned the case till December 20, 2016.