Ex-Ondo University VC sentenced to prison for $720K fraud

VAM News March 6, 2023 in Court, Education Tagged $720K fraud, Ex-Ondo University VC, Prison - 2 Minutes

An Ondo State Magistrate 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 $1.2 million fraud.

Justice Aderemi Adegoroye jailed the professor after finding him guilty on all 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 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 dragged before the Court by the State Legal Officer, represented by Mr O.E Akintan, who told the court of the professor to stand accused of conspiracies to steal and to obtain by false pretence contrary which are punishable under section 516 of the criminal code.

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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, 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, saying the founder was impressed.

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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 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, therefore, asked the court to dismiss the charges.