Court jails former Elizade University VC for five years over $720,000 fraud

By: Hakeem Gbadamosi – Akure

The Magistrate Court sitting in Akure, 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.

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

The accused, Oloyede was said to have fraudulently obtaining the sum $720,000 for the construction of 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 false pretence of using the amount for the construction of hostel for the institution.

The Professor of Medical Engineering 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 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 presentation of his ideas and innovation of making the school world class to Chief Ade.Ojo, saying 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 factory to manufacture panels for building affordable houses.

The Counsel to 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 asked the court to dismiss the charges.

However, Justice Adegoroye said the prosecution has proved the charge against the accused beyond reasonable doubt and consequently found him guilty as charged, sentencing the accused 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.

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

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