Segun Oyedepo, the proprietor of Fedeco International College in Ibadan, appeared in a Grade ‘A’ Customary Court on Wednesday on charges of embezzling funds designated for National Examinations Council (NECO) fees for students. He pleaded not guilty to charges of theft and obtaining money under false pretenses.
According to the prosecutor, Philip Amusan, the alleged embezzlement occurred between September 2023 and June 2024 at the school. Oyedepo is accused of fraudulently obtaining N1.7 million from Hammed Olayode and 12 others for the NECO registration of approximately 13 students, which he allegedly failed to carry out.
The prosecution asserted that these actions violate Sections 419 and 390(9) of the Criminal Laws of Oyo State, 2000.
In response, the Court’s President, Mrs. Sukurat Yusuf, granted the defendant bail in the amount of N2 million with two sureties of equal sum. One surety must be a relative of Oyedepo and provide evidence of two years of tax clearance. The case was adjourned until July 19 for further proceedings.
