Elizade Varsity ex-VC, Oloyode, Bags Five Years Jail Term

The former Vice Chancellor of Elizade University, Professor Adekunle Oloyede, has been sentenced to five years imprisonment without an option of fine for stealing huge sums of money meant for the construction of students hostel in Ondo State. 

P.M.EXPRESS reports that the judgment of a High Court in Akure, capital of Ondo State, found him guilty of fraud and sentenced him accordingly.

Professor Oloyede was alleged to have fraudulently obtained the sum of $720,000 for the construction of a 500-bed space at the university, and the sum of $250,000, $150,000, and $620,000 at different times, from Mike Ade Investment Limited for Duro Global Property, under the pretense of using the money for the construction of a hostel for the institution.

However, he was said to have diverted the money for his personal use and did not embark on any construction of hostel in the institution thus, he was arrested and charged before the Court.

During the trial, the prosecution was able to prove that several amounts running into millions in foreign currency was paid into an account linked to Oloyede for the importation of panel for the construction of the student hostel. However, the former Vice Chancellor failed to execute the projects, despite the shipment of the materials from Australia to Ilara-Mokin in Ondo State, which led to his arrest and prosecution by the State Government.

He pleaded not guilty and argued that the Court lacked jurisdiction to hear the allegation against him.

The Presiding Judge, Justice Aderemi Adegoroye, went on with his trial and then found him guilty on all six counts of false pretenses, stealing, and fraud contrary to the anti-graft laws of the State.

Consequently, he was sentenced and moved into the Correctional Centre, where he will spend the next five years in prison custody for his alleged criminal conduct.