The accused are facing a seven-count charge bordering on fraud, conspiracy and abuse of office.
Earlier, the accused were remanded in the Economic and Financial Crimes Commission (EFCC) custody.
The judge, Justice David Oladimeji granted Elujoba bail on self recognition while Ronke Akeredolu, the former bursar, was granted a N5O million-bail and two sureties in like sum.
He said the sureties must be academic and high-ranking officers within the institution.
The judge, however, condemned the shameful attitudes displayed by the staff and students of the institution in Ede on July 11, where the case was first heard.
Oladimeji said that such an attitude could prevent the court from granting a bail to the accused, noting that the bail was granted in the interest of justice.
The accused persons were arrested on July 5.
The EFCC counsel, Mr Festus Ojo, had told the court that the accused committed the offences while serving as the vice-chancellor and the bursar of the institution.
The accused, however, pleaded not guilty to the charges, while the judge adjourned the case until Oct. 27 for hearing
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