Joseph Oloyede, the Apetu of Ipetumodu in Osun State, Nigeria, has been detained by the United States Federal Bureau of Investigation (FBI) after being charged with conspiracy, wire fraud, and money laundering.
Oloyede, who ascended to the throne of Ipetumodu in 2019, had regularly traveled between Nigeria and the US for both royal duties and personal matters.
However, his unexplained disappearance for over a year raised concerns among his subjects, leading to growing speculation about his whereabouts.
Monarch’s disappearance raises alarm in Ipetumodu
Oloyede’s extended absence sparked concern within the Ipetumodu community, with many locals expressing unease as the monarch missed important cultural events.
These included the Egungun Festival and the Edi Celebration, two major traditional ceremonies held annually in the region.
A member of the community shared their concerns, saying,
“The king’s absence was a cause of worry. We hadn’t heard from him, and he missed all the important events. It was unusual, and we didn’t know what had happened to him.”
FBI announces charges in COVID-19 relief fraud case
The United States Department of Justice released a statement confirming that Oloyede and his associate, Edward Oluwasanmi, have been indicted for fraudulently obtaining over $4.2 million in relief funds allocated under the CARES Act.
These funds were intended to support businesses affected by the COVID-19 pandemic, but authorities claim they were misappropriated by the two individuals.
The indictment states,
“Oloyede and Oluwasanmi fraudulently obtained more than $4.2 million in COVID-19 relief loans through false representations made in their applications to the US Small Business Administration (SBA).”
The fraudulent applications submitted by Oloyede and Oluwasanmi reportedly included false tax information and fabricated wage documents to support the claims for financial aid.
Details of the fraudulent scheme
The indictment outlines how Oloyede and Oluwasanmi allegedly submitted deceptive loan applications from April 2020 to February 2022, falsely claiming funds for their businesses. Oloyede personally secured $1.7 million, while Oluwasanmi obtained $1.2 million in SBA funds.
Additionally, Oloyede allegedly submitted fraudulent applications for other individuals, obtaining approximately $1.3 million in additional funds.
The total amount of relief funds obtained through these illicit means reached at least $4.2 million, according to the statement from US authorities.
Collaborative investigation by US authorities
In a statement, William F. Sweeney Jr., FBI Special Agent in Charge, emphasized the agency’s commitment to investigating fraud, particularly in times of crisis.
“We will pursue and hold accountable those who exploit government programs for personal gain,” Sweeney stated.
Oloyede and Oluwasanmi were arrested on April 5, 2024, and now face multiple charges that could result in substantial prison sentences if convicted.
Oloyede’s arrest has shocked many in Ipetumodu, where he had been regarded as a respected leader.
His actions have prompted a range of reactions from the community, with some expressing disbelief at the alleged involvement of their monarch in such a serious criminal activity.
