HomeMetroEx-Elizade University Vice Chancellor jailed over $1.2m fraud

    Ex-Elizade University Vice Chancellor jailed over $1.2m fraud


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    An Ondo State High Court sitting in Akure, has convicted a former Vice Chancellor of Elizade University, Ilara-Mokin, Ondo State, Prof. Adekunle Oloyede of fraud.

    Justice Aderemi Adegoroye jailed Prof Oloyede for eight years having found him guilty on all six counts of false pretences, stealing and fraud.

    The institution’s founder, Chief Michael Ade-Ojo, was Prof Oloyede’s victim and at the last count the disgraced VC swindled the business magnate $1.2m under the pretense of building a 512-bed male hostel project under construction then, with a new technology called PIR Panel Building Technology that would save time and is cost effective.

    The $1.8m project was already awarded and underway but Chief Ade-Ojo was struck by the proposal the Professor of Medical Engineering dropped, while on a visit to the school ahead of his appointment as the substantive Vice-Chancellor.

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    The 84-year old halted the project, and on the incoming VC’s recommendation, Ade-Ojo, between March and July 2015, transferred a total sum of $1.2m to an Australia-based firm that was introduced by Oloyede — Duro Global PTY Ltd.

    The court heard that Prof. Oloyede was not found good as his word. Neither the panels paid for and other materials were shipped to the country nor any work took place at the site leading to his arrest and prosecution.

    The defendant had claim his action was not criminal, but contractual disagreement.

    In any case, Justice Adegoroye found him guilty, sentencing the convict to five years 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 said the prison terms shall run cumulatively.

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    Justice Adegoroye ordered that in facilitating restorative justice as provided under Section 290(6) ACJL of the state 2015, the defendant should refund the sum of $131,500 being the balance obtained from Chief Ade Ojo and the money should be paid within six months of failure which the defendant shall serve additional one year in prison.

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