Oba Joseph Oloyede, the Apetu of Ipetumodu, a Nigerian monarch from Osun State, was arrested and detained by the U.S. Federal Bureau of Investigation (FBI) over allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds. Oloyede, who had been missing since March 2024, was found in FBI custody and is now facing a 13-count indictment in the U.S. District Court for the Northern District of Ohio.
The indictment, filed on April 3, 2024, accuses Oloyede and his associate, Edward Oluwasanmi, of conspiracy, wire fraud, and money laundering. According to U.S. court documents, Oloyede was arrested on May 4, 2024, following an arrest warrant.
The FBI claims Oloyede orchestrated a fraudulent scheme by using six registered companies to secure relief loans that were meant to support struggling businesses during the COVID-19 pandemic. The U.S. government had introduced programs like the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) in 2020 to help businesses affected by the crisis.
However, investigators allege that Oloyede falsified documents to fraudulently acquire millions of dollars in loans. FBI records reveal that in June 2020, Oloyede secured over $100,000 in loans for four of his companies: Available Tax Services, Available Tutors, Available Financial, and Available Transportation. Later, in October 2021, he obtained another $500,000 loan for JO&A and another $500,000 for Available Transportation.
Further investigations revealed that Oloyede also assisted co-conspirators in securing fraudulent loans, charging them a percentage of the amounts. According to prosecutors, Oloyede and Oluwasanmi fraudulently obtained over $4.2 million in Small Business Administration (SBA) funds between April 2020 and February 2022.
Oloyede allegedly pocketed $1.7 million for his businesses and another $1.3 million by submitting falsified applications on behalf of co-conspirators. The case is being investigated by the FBI, Internal Revenue Service Criminal Investigation (IRS-CI), and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG), as part of the Pandemic Response Accountability Committee (PRAC) Fraud Task Force.
Oloyede, an accountant by profession, was crowned Apetu of Ipetumodu in 2019. He often traveled between Nigeria and the U.S. for both royal and personal engagements. However, his extended absence has left the Ipetumodu royal stool vacant for almost a year, raising concerns among the community. His absence has also caused him to miss major traditional festivals such as the annual Odun Egungun and Odun Edi celebrations.
With his ongoing legal battle in the U.S., it remains uncertain whether or when Oloyede will return to Nigeria. If convicted, he could face severe penalties, including jail time and asset forfeiture. The case highlights the U.S. government’s ongoing efforts to combat COVID-19 relief fraud and hold offenders accountable.
The indictment states that Oloyede and Oluwasanmi submitted falsified tax and wage documents to secure SBA loans. Authorities report that Oloyede obtained approximately $1.7 million for his companies, while Oluwasanmi secured around $1.2 million for his entities. Oloyede is also accused of facilitating fraudulent PPP and EIDL loan applications for others, bringing the total amount of stolen funds to $4.2 million.
As investigations continue, authorities have warned that additional individuals connected to the scam may face prosecution. The Nigerian community in the U.S. and the people of Ipetumodu are closely watching the unfolding legal proceedings involving their embattled monarch.
