Sahara Reporters has taken to it’s official X handle and announced that,The Apetu of Ipetumodu, Oba Joseph Oloyede, a prominent monarch from Nigeria’s Southwest region, has been found in FBI custody months after being declared missing in March 2024. His arrest has sent shockwaves through both Nigeria and the United States, as he now faces serious fraud charges related to a $4.2 million COVID-19 relief fund scandal.
According to court documents, the traditional ruler, who is also a U.S. citizen, was apprehended on May 4, 2024, following a warrant issued by the U.S. District Court for the Northern District of Ohio. A federal grand jury indicted him on 13 counts, including conspiracy, wire fraud, and money laundering, in connection with fraudulent loan applications under the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs.
Investigations by the FBI, the Internal Revenue Service Criminal Investigation (IRS-CI), and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG) under the Pandemic Response Accountability Committee (PRAC) Fraud Task Force revealed that Oba Oloyede orchestrated a sophisticated financial crime.
Court filings indicate that between April 2020 and February 2022, he used six registered companies—including Available Tax Services, Available Tutors, Available Financial, Available Transportation, and JO&A—to fraudulently obtain federal relief funds. In June 2020 alone, he secured over $100,000 in loans for four of his companies. By October 2021, he had successfully obtained two separate $500,000 loans, one for JO&A and another for Available Transportation.
Further scrutiny revealed that the monarch, an accountant by profession, not only enriched himself but also facilitated fraudulent schemes for others. He reportedly assisted co-conspirators in falsifying financial records, charging them a percentage of the loan amounts upon disbursement. Prosecutors allege that while his own businesses pocketed $1.7 million in fraudulent funds, he acquired an additional $1.3 million through falsified applications submitted on behalf of associates, bringing the total amount defrauded to $4.2 million.
Crowned as the Apetu of Ipetumodu in 2019, Oba Oloyede frequently shuttled between Nigeria and the U.S. to manage both his royal and personal affairs. However, his prolonged absence over the past year left the royal stool vacant, raising concerns among his subjects. Traditionalists were particularly alarmed as he failed to preside over three significant cultural festivals, including the annual Odun Egungun and Odun Edi.
On April 3, 2024, a federal grand jury in Cleveland, Ohio, indicted Oloyede alongside his alleged accomplice, Edward Oluwasanmi, 61, of Willoughby, Ohio. The duo now faces multiple charges of conspiracy to commit wire fraud, wire fraud, and money laundering offenses.
The indictment alleges that Oloyede and Oluwasanmi submitted fraudulent loan applications filled with falsified tax and wage documents to secure federal funds unlawfully. Oluwasanmi allegedly received $1.2 million in fraudulent loans, while Oloyede pocketed $1.7 million for his own companies and an additional $1.3 million through co-conspirators.
The U.S. government has intensified its crackdown on individuals who exploited COVID-19 relief programs. Agencies such as the FBI, IRS-CI, and DOT-OIG are working under the PRAC Fraud Task Force to track down fraudulent beneficiaries and recover stolen funds. If convicted, Oba Oloyede and his co-defendant face severe penalties, including lengthy prison sentences and substantial financial restitution.
What began as a royal ascension in 2019 has now spiraled into a legal nightmare for Oba Joseph Oloyede. His arrest not only raises questions about the integrity of some Nigerian elites but also casts a shadow over his reign as the Apetu of Ipetumodu.
With his trial looming, the once-revered monarch’s fate now rests in the hands of the U.S. judicial system, where he must answer for his alleged role in one of the many fraudulent schemes that drained the U.S. pandemic relief funds.
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