A former Vice Chancellor of Elizade University, Ilara-Mokin, Ondo State, Professor Adekunle Oloyede, has been sentenced to five years imprisonment by an Ondo State High Court in Akure for committing $1.2 million fraud. The former VC was found guilty of six counts of false pretences, stealing and fraud under the anti-graft laws of the state.
The accused allegedly fraudulently obtained $720,000 for the construction of a 500-bed hostel at the school and also obtained $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 State Legal Officer, represented by Mr O.E Akintan, dragged the Professor of Medical Engineering before the court to face charges of conspiracies to steal and to obtain by false pretence which are punishable under section 516 of the criminal code. Evidence before the court showed that several amounts running into millions in foreign currency were paid into the account linked to Oloyede and his accomplices for the importation of panels for the construction of a hostel for students of the university.
The court heard that despite the payment for the panel and 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.
The Counsel to Oloyede, Chief Kunle Ijalana, argued that the matter before the court was contractual and not criminal, contrary to the charges brought against the accused. He, therefore, asked the court to dismiss the charges.
Justice Aderemi Adegoroye, however, found the accused guilty as charged and sentenced him to five years imprisonment with an option of a fine of N350,000.00. The court also sentenced Oloyede to another three years with an option of a fine of N250,000.00, and the prison terms shall run cumulatively. The court ordered the defendant to refund the sum of $131,500 within six months to facilitate restorative justice, as provided under Section 290(6) ACJL of the state 2015. Failure to do so would result in an additional one year imprisonment.
