Ex-Elizade University VC Sentenced For $1.2M Fraud

An Akure Magistrate Court, in the Ondo state capital, has sentenced a former Vice Chancellor of Elizade University, Ilara-Mokin, Ondo state, Prof. Adekunle Oloyede, to five years’ imprisonment for $720,000 fraud.

Magistrate, Aderemi Adegoroye jailed the professor after finding him guilty of six counts of false pretences, stealing and fraud contrary to the anti-graft laws of the state.

Oloyede, who was appointed as Vice Chancellor of the Institution in 2015 and had his appointment terminated in 2017 after he was accused of fraudulently obtaining the sum $720.000 for the construction of a 500-bed space at the institution

The accused, aside from fraudulently obtaining the sum $720,000 for the construction of a 500-bed space at the school, 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.

He was dragged before the court by the State Legal Officer, represented by Mr O.E Akintan, who told the Court of the accused of conspiracies to steal and to obtain by false pretence contrary to and punishable under section 516 of the criminal code.

The former Vice Chancellor of Elizade University, however, pleaded not guilty to the six-count charge, arguing that the court lacked jurisdiction to hear the allegation against him.

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 was told 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 of the institution failed to execute the projects, leading to his arrest and prosecution for alleged fraud by the state government.

Oloyede while denying the allegation of fraud against him, said he made a presentation of his ideas and innovation of making the school world class to Chief Ade.Ojo, said the founder was impressed.

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

Oloyede’ s counsel, 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 asked the court to dismiss the charges.

However, Magistrate Adegoroye, said the prosecution has proved the charge against the accused beyond reasonable doubt and consequently found him guilty as charged and sentenced him to five years with an option of fine of N350.000.00.

The Court also sentenced Oloyede to another three years with an option of fine of N250.000.00 and said the prison terms shall run cumulatively.

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 failure which the defendant shall serve additional one year in prison.