Former Elizade University VC sentenced to just five years imprisonment for $720K fraud.

Former Elizade University VC sentenced to just five years imprisonment for $720K fraud.

The High Court sitting in Akure, Ondo state capital, has sentenced a former Vice Chancellor of Elizade University, Ilara-Mokin, Ondo state, Prof. Adekunle Oloyede to five years’ imprisonment for $720,000 fraud.

The judge, Justice Aderemi Adegoroye jailed the professor after finding him guilty on all the six counts of false pretences, stealing and fraud contrary to the anti-graft laws of the state.

The accused, Oloyede was said to have fraudulently obtaining the sum $720,000 for the construction of 500-bed space at the school, while he also obtained the sum 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 pretence of using the amount for the construction of hostel for the institution.