In October 2012 it emerged that a large sum of money was
missing from the academies’ funds and Kayode was arrested and his assets and those
of his wife Grace, were frozen.
Though Kayode denied wrongdoing and
claimed all transactions had been authorised by the finance director before they were carried out, the court asked him to pay back the £4million with interests.
claimed all transactions had been authorised by the finance director before they were carried out, the court asked him to pay back the £4million with interests.
But till now, Kayode is yet to pay the said amount. It was
doing this trial that his wife, 53 died last year.
doing this trial that his wife, 53 died last year.
He will be speaking with the detectives this week, but reports says he has spent most of the cash on extravagant
lifestyle and buying a string of properties.
lifestyle and buying a string of properties.
It also appears that a huge sum of the school’s money had
been paid into a bank account in Nigeria and a company managed by his second
wife in Nigeria, Yoni.
been paid into a bank account in Nigeria and a company managed by his second
wife in Nigeria, Yoni.
The case, kept secret for almost two years now, is believed to
be Britain’s biggest ever education fraud.
be Britain’s biggest ever education fraud.
Kayode started working with them in 1997 and rose to become
accounts manager for the whole chain. He was paid £57,000 a year.
accounts manager for the whole chain. He was paid £57,000 a year.
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