Ilemobade was the vice chancellor between 1987 to 1995.
He was said to have been abducted alongside with his gateman at his Ijapo residence, in Akure, the Ondo state capital.
Ilemobade, a septuagenarian was said to have been abducted by gunmen at his residence.
The house maid reportedly saw the gunmen when they took the former don away.
The gunmen on their arrival at the residence of the former Vice Chancellor approached the gateman, but before he knew what was happening a gun was reportedly pointed at him and he was asked to lead them to the living room where the former Vice Chancellor was accosted and asked to follow them to their vehicle.
According to report gathered from Vanguard news that the gate man was bundled into the vehicle when he attempted to raise an alarm.
Report says they were taken away to an unknown destination.
His car was later abandoned by his kidnappers along Ijare road .
Family members of the abducted former Vice Chancellor have besieged his residence.
The Police Image Maker Wole Ogodo said investigation into the matter is in progress.
It will be recalled that the Executive secretary of Cocoa Association of Nigeria CAN Mr Michael Adewunmi who was kidnapped last week has been released after the family paid an undisclosed amount as ransom.
Adewunmi was abducted on his way to his way to office in Akure
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