Ex-Elizade University VC bags five years over $1.2m fraud

Prof. Adekunle Oloyede, a former vice chancellor of Elizade University in Ilara-Mokin, Ondo State, was given a five-year jail term for fraud totaling $1.2 million by an Ondo State High Court in Akure, the state capital.

The professor was sentenced to prison after being found guilty on all six charges of using false pretenses, theft, and fraud in violation of the state’s anti-graft statutes by Judge Aderemi Adegoroye.

Oloyede, the accused, was accused of illegally obtaining $720,000 for the building of a 500-bed facility at the school, as well as $250,000, $150,000, and $620,000 at various points.

Mike Ade Investment limited gave Duro Global Property the money on the false pretense that it would be used to build a dormitory for the university.

The State Legal Officer, represented by Mr. O.E. Akintan, called the professor of medical engineering before the court and accused him of plots to steal and to get by false pretenses contrary, both of which are prohibited by section 516 of the penal code.

According to the evidence presented in court, various sums totaling millions of dollars in foreign currency were sent into an account connected to Oloyede and his associates for the importation of panel for the building of a dorm for university students.

The former vice chancellor was arrested and accused of fraud by the state government, the court heard, despite receiving paid for the panel and for the transportation of the components from Australia to Ilara-Mokin in Ondo State.

When refuting the fraud charge brought against him, Oloyede said that Chief Ade Ojo was pleased with his presentation of his innovative ideas for elevating the school to a global level.

He said that establishing a revenue-generating portfolio was one of his ideas, and that it was this notion that sparked the idea of the school opening a factory to produce panels for low-cost housing.

In contrast to the accusations made against the accused, Chief Kunle Ijalana, counsel for Oloyede, argued that the issue before the court was contractual in character and not criminal in nature. He then urged the court to reject the accusations.

Oloyede had observed a brand-new, $1.8 million project for a 512-bed male dormitory during the tour.

The school claimed that Oloyede encouraged and convinced Chief Michael Ade-Ojo, the university’s founder, to abandon the project and switch to a new technique dubbed PIR Panel Building Technology even though a contractor had already been sent to the site.

He said it would expedite construction completion and enable it to be completed by August 2015 while also saving 40% of the initial contract amount.

Ade-Ojo had agreed to use it because he was intrigued by the new technology and thought the hostel would be finished by August 2015, when classes resumed that year.

Between March and July 2015, Ade-Ojo transferred a total of $1.2m to Duro Global PTY Ltd, an Australian business that Oloyede had recommended based on the advice of the incoming VC.

Nevertheless, Judge Adegoroye ruled that the prosecution had shown the accused’s guilt beyond a reasonable doubt and sentenced him to five years in prison with the possibility of an additional N350,00.00 fine.

The court also sentenced Oloyede to a further three years in jail, with the possibility of an additional N250,00 fine, and said that the prison sentences would run concurrently.

Judge Adegoroye ruled that in order to facilitate restorative justice as required by Section 290(6) ACJL of the State of 2015, the defendant must return the balance of $131,500 that was taken from Chief Ade Ojo. If this is not done, the defendant must spend an extra year in jail.

Miniechat

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