The Apetu of Ipetumodu, Oba Joseph Oloyede, a traditional ruler from the Southwest region of Nigeria, who was reported missing in March 2024, has been found in the custody of the U.S. Federal Bureau of Investigation (FBI).
The monarch is currently facing a 13-count fraud indictment for allegedly defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
According to U.S. court documents, Oba Oloyede, who is also a U.S. citizen, was arrested on May 4, 2024, after a warrant was issued for his apprehension. The FBI alleges that he orchestrated a fraudulent scheme through six registered companies, obtaining loans meant for struggling businesses during the COVID-19 pandemic.
The U.S. government had introduced financial aid programs, including the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), to support businesses affected by the pandemic. However, investigations revealed that the monarch allegedly falsified documents and misused the funds for personal expenses.
FBI records show that in June 2020 alone, Oba Oloyede secured over $100,000 in loans for four of his companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation. In October 2021, he received two separate $500,000 loans for his businesses, JO&A and Available Transportation.
Further investigations suggest that the monarch, an accountant by profession, assisted co-conspirators in executing similar fraud schemes, charging them a percentage of the loan amount upon disbursement.
“Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information,” the indictment stated.
On April 3, 2024, a grand jury in the U.S. District Court for the Northern District of Ohio indicted Oba Oloyede alongside Edward Oluwasanmi for conspiracy, wire fraud, and money laundering. Prosecutors allege that from April 2020 to February 2022, the duo fraudulently obtained over $4.2 million in SBA-guaranteed relief funds.
Oba Oloyede reportedly pocketed $1.7 million for his own businesses and another $1.3 million by submitting falsified applications for 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), under the Pandemic Response Accountability Committee (PRAC) Fraud Task Force.
Crowned in 2019, Oba Oloyede frequently traveled between Nigeria and the U.S. for both royal and personal matters. His prolonged absence left the royal stool of Ipetumodu vacant for nearly a year, raising concerns among indigenes, especially as he missed major traditional festivals.
The indictment alleges that Oloyede and Oluwasanmi submitted PPP and EIDL loan applications containing false information and falsified tax and wage documents to support these applications. They allegedly obtained approximately $1.2 million for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities. Additionally, Oloyede is accused of filing falsified applications on behalf of co-conspirators, bringing the total fraud amount to over $4.2 million.
If convicted, the monarch faces serious legal consequences in the U.S.
