Tension is mounting in Ipetumodu, Osun State, as princes from the town’s two ruling houses prepare for a crucial meeting on Tuesday to decide the fate of the convicted Apetumodu, Oba Joseph Oloyede.

Naijaonpoint understands that the US Attorney’s Office for the Northern District of Ohio announced on August 26, 2025, that Oba Oloyede had been sentenced to over four years in prison for fraud.

US District Judge, Christopher A. Boyko, further ordered the monarch to serve three years of supervised release and pay $4,408,543.38 in restitution.

According to US authorities, Oloyede led a conspiracy to exploit COVID-19 emergency loan programmes meant for struggling businesses.

Since the judgment, uneasy calm has enveloped Ipetumodu, with princes demanding that the state government make a decision on replacing the monarch.

The Osun State Commissioner for Local Government and Chieftaincy Affairs, Dosu Babatunde, told Sunday Punch that the government would obtain a Certified True Copy of the judgment before making any pronouncement.

Findings by Sunday PUNCH showed that princes from the Akinbile and Fagbemokun ruling houses, the two families entitled to the stool, are sharply divided.

While some members of the Akinbile house argue that the throne should remain with them, as Oba Oloyede’s reign was short-lived, others want another contender from their side to be installed.

But princes from the Fagbemokun family insist that the next Apetumodu must come from their fold, since Akinbile produced the embattled monarch.

A prince from the Akinbile house, who spoke anonymously, said, “There is apprehension already. Many are displeased that there is no concrete position on the next step after Oba Oloyede’s conviction. There are many camps among the princes already. We only hope the Tuesday meeting won’t be disrupted.”

The meeting, billed to be held at the Apetumodu Palace, will be chaired by the Asalu of Ipetumodu, Sunday Adedeji.

Confirming the development, the Secretary of the Fagbemokun house, Prince Sunday Taiwo, told Sunday Punch, “Every second Tuesday of the month, we have a meeting of princes in Ipetumodu. The next one holds next Tuesday.”

Also speaking, Prince Olaboye Ayoola of the Akinbile ruling house said Oba Oloyede’s conviction would dominate deliberations.

“There will be a meeting of princes on Tuesday at 4:00 p.m., and it will focus on the issue of Oba Oloyede and the next line of action. Our family meeting will hold later, after the general gathering,” he explained.