Oyewole was arraigned alongside the Pro-Chancellor and Bursar of the institution, Mr Adeseye Ogunlewe and Mr Moses Ilesanmi respectively.

The accused persons were arraigned on an 18-count -charge bothering on stealing and fraudulent conversion of the institution’s funds.

The three accused persons, however, pleaded not guilty to the charges.

The defense counsels for Ogunlewe (1st defendant), Oyewole (2nd defendant) and Ilesanmi (3rd defendant) are Messrs Benjamin Ogunmodede, Wale Adesokan (SAN) and Adedamola Lapite.

Relying on their bail applications, counsels to Ogunlewe and Oyewole prayed the court to grant their clients bail in liberal conditions pending the trial.

The counsels, who spoke in turns hinged their arguments on the status of their respective clients and the fact that they had not jumped bail since the EFCC had granted them administrative bail.

They also informed the court that the international passports of their clients were with the EFCC.

Ogunmodede specifically argued that the continued detention of Oluwole would affect the smooth running of the institution.

Adesokan also argued that the charges against Ogunlewe were bailable offenses.

The EFCC counsel, Mr Benedict Ubi, however, opposed the bail applications of the defense, arguing that Oyewole and Ogunlewe, while on administrative bail were interfering in the affairs of the university to the detriment of the trial.

Ubi informed the court that Oyewole in connivance with Ogunwole, while on administrative bail had sacked 23 members of staff of the university, some of whom would have been called as witnesses during the case.

The judge, Mrs O.O. Majekodunmi, however, could not hear the bail application of the third defendant, Ilesanmi since the counsel failed to perfect the application.

After much argument on the bail applications, she ordered that Ilesanmi be remanded in EFCC custody pending the hearing of his bail application on Monday.

Majekodunmi, however, granted Ogunlewe and Oyewole bail in the sum of N50 million each and two sureties in like sum.

The judge insisted that the two sureties must be owners of landed properties within the jurisdiction of the court as well as deposit their title documents with the court.

She also ordered that the sureties must be on a minimum of Grade Level 15 with the Ogun State civil service and also deposit their international passports with the court.

Majekodunmi then ordered that Ogunlewe and Oyewole be remanded in prison custody, pending perfection of their bail terms.

She adjourned the case till Dec. 16, 19 and 20 for trial. (NAN)