For fraudulently obtaining $720,000, a former Vice-Chancellor of Elizade University, Ilara-Mokin in Ondo State, Prof. Adekunle Oloyede, is to spend the next five years in prison.
An Akure High Court which gave the judgment, said the professor was found guilty of all the six-count charge bordering on obtaining money under false pretences, stealing, and fraud brought against him.
Justice Aderemi Adegoroye accused the school administrator of fraudulently obtaining the sum of $720,000 for the construction of a 500-bed space at the institution.
He also obtained the sums 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 pretences of using the amount for the construction of a hostel for the institution.
The State Legal Officer, represented by Mr. O.E. Akintan, brought the case against Oloyede for conspiracies to steal and obtain by false pretence, a contravention of Section 516 of the Criminal Code, laws of Ondo State.
Oloyede, who pleaded innocence of the offences, insisted that the court lacked jurisdiction to try the case.
However, evidence was presented in court, indicating that several amounts running into millions in foreign currency was paid into an account linked to Oloyede and his associates for the importation of panels for the construction of the hostel.
After the payment for the panels and the shipment from Australia to Ilara-Mokin, the former Vice-Chancellor failed to execute the projects.
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