Court sentences ex-Elizade varsity VC five years for fraud

An Ondo State High Court sitting in Akure, the state capital, has sentenced a former Vice Chancellor of Elizade University, Ilara-Mokin, Ondo State, Prof. Adekunle Oloyede, to five years’ imprisonment for $1.2m fraud.

Justice Aderemi Adegoroye jailed the professor after finding him guilty on all six counts bordering on stealing and fraud contrary to the anti-graft laws of the state.

The accused, Oloyede, was said to have fraudulently obtained the sum of $720,000 for the construction of a 500-bed space at the school, while he also obtained the sum of $250,000, $150,000, and $620,000 at different times.

The money was collected from Mike Ade Investment limited for Duro Global Property under the false pretence of using the amount for the construction of a hostel for the institution.

The Professor of Medical Engineering was prosecuted before the court by the state Legal Officer, represented by Mr O.E Akintan.

In the evidence before the court, several amounts running into millions in foreign currency was paid into the account linked to Oloyede and his cronies for the importation of panel for the construction of a hostel for students of the university.

The court heard that despite the payment for the panel and for the shipment of the materials from Australia to Ilara-Mokin in Ondo State, the former Vice Chancellor failed to execute the projects.

Oloyede denying the allegation of fraud, saying he made a presentation of his ideas and innovation of making the school world-class to Chief Ade Ojo.

He said one of his ideas was to have a revenue-generating portfolio and it was the idea that brought in the suggestion of the school having a factory to manufacture panels for building affordable houses.

The Counsel for Oloyede, Chief Kunle Ijalana, said the matter before the court was contractual and not criminal in nature contrary to the charges brought against the accused and, therefore, asked the court to dismiss the charges.

However, Justice Adegoroye said the prosecution has proved the charges against the accused beyond reasonable doubt and consequently found him guilty, sentencing the accused to five years with an option of a fine of N350,000

The Court also sentenced Oloyede to another three years with an option of a fine of N250,000 and said the prison terms shall run cumulatively.

Justice Adegoroye ordered that in facilitating restorative justice as provided under Section 290(6) ACJL of the state 2015, the defendant should refund the sum of $131,500 being the balance obtained from Chief Ade Ojo and the money should be paid within six months of failure which the defendant shall serve additional one year in prison.