Ondo State Ilara-Mokin Elizade University’s former Vice-Chancellor Professor Adekunle Oloyede was sentenced to five years in prison by the Ondo State Akure High Court for US$720,000 of fraud.
Judge Aderemi Adegoroye found the defendant guilty of six counts of fraud, theft and fraud, which violated the state’s anti-corruption laws.
Oloyede is accused of fraudulently obtaining $720,000 to build a 500-bed space at the school. He also received payments 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 pretense that the money was used to build accommodation for the agency.
State legal officers, represented by Mr. OE Akintan, filed a case against Oloyede alleging conspiracy to steal and obtaining by false means, which is a violation of Section 516 of the Penal Code and punishable.
Oloyede pleaded not guilty to the six charges, arguing that the court did not have jurisdiction to hear the charges against him. However, evidence presented in court showed that millions of foreign currencies were paid into accounts linked to Oloyede and his associates to import panels to build dormitories for university students.
Despite paying for the panels and the cost of transporting materials from Australia to Ilara-Mokin in Ondo state, the former deputy principal failed to carry out the projects, leading to his arrest and prosecution by the state government for alleged fraud.
