Ex-varsity VC, Prof Oloyede, bags 5 years imprisonment for defrauding institution

Professor Adekunle Oloyede, a former Vice Chancellor of Elizade University, has been sentenced to five years imprisonment for defrauding the institution of $720,000.

He was sentenced by Justice Aderemi Adegoroye of the Akure High Court in Ondo State.

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Prof Oloyede was jailed after he was found guilty on all the six counts of false pretences, stealing and fraud contrary to the anti-graft laws of the state.

The accused was said to have fraudulently obtained 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.

Oloyede, a Professor of Medical Engineering was dragged before the court by the State Legal Officer, represented by Mr O.E Akintan who told the court that the accused conspired to steal and to obtain by false pretence contrary to and punishable under section 516 of the criminal code.

The accused 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 llara-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.

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