Court grants Elizade VC bail after 11 days in Olokuta prison, varies condition

The Akure Chief Magistrate Court hearing the seven-count charge against the Vice Chancellor of Elizade University in Ilara-Mokin, Prof Kunle Oloyede, has set aside the stringent $250, 000 bail conditions earlier granted him.

Oloyede, who has since been remanded in Olokuta Maximum Prison for about two weeks, had protested the harsh bail conditions set for his release in the previous ruling. 

At the trial session in Akure yesterday, he pleaded “not guilty” to all the seven-count charges that were substituted against him in the suit no: MAK/0/28C/2017, pleading through his counsel, Olusola Oke, for a review of the bail conditions. 

He is accused of conspiring with three others at large to commit a felony to wit, stealing, fraudulently inducing and obtaining the sum of $720, 000 from Mikeade Investment Limited for Duro Global Property Limited and two others at large under the pretext of constructing a 500-bed space hostel at the university, fraudulently inducing and obtaining the sum of $650, 000 from Mikeade Investment Limited under the pretext of constructing the same 500-bed space hostel at the university.

The defence counsel said since the accused is presumed innocent until proven guilty, he would be willing and ready to answer the charges preferred against him.

He pleaded that the court should reconsider the bail conditions, which assumed his client guilty prior to trial, urging that the rare status of the accused should be considered as a certified medical engineer from Australia, adding that there are “three of Oloyede’s kind in the world.”

But the state prosecutor, Mrs. Kolade Oba, opposed the bail vary, saying the former VC, who has international visas of two countries, might jump bail and stall the felony trial against him. 

The Presiding Chief Magistrate, Mr. Ayodeji Akinsanya, in his ruling, granted Oloyede bail in the sum of N2million and two sureties in like sum and ordered him to surrender his two international passports to the court registrar. He adjourned the case to February 7 and 8 for trial.