A former vice-chancellor of Elizade University Prof. Adekunle Oloyede has been sentenced to five years imprisonment for fraud, by a High Court sitting in Akure, the Ondo state capital.

Oloyede was accused of fraudulently obtaining the sum of $720,000 for the construction of a 500-bed space at the university, and the sum of $250,000, $150,000, and $620,000 at different times, from one Mike Ade Investment limited for Duro Global Property, under the pretense of using the money for the construction of a hostel for the institution.

In court, it was proven that several amounts running into millions in foreign currency was paid into an account linked to Oloyede for the importation of panel for the construction of the student hostel. However, the former Vice Chancellor failed to execute the projects, despite the shipment of the materials from Australia to Ilara-Mokin in Ondo State which led to his arrest and prosecution by the state government.

He, however, pleaded not guilty to the charges and argued that the court lacked jurisdiction to hear the allegation against him.

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