Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been sentenced to 56 months in prison by a U.S. District Court for his role in a multi-million-dollar COVID-19 relief fraud scheme.
The 62-year-old monarch, who holds dual citizenship in the U.S. and Nigeria and resides in Medina, Ohio, was sentenced on August 26 by Judge Christopher A. Boyko.
In addition to his prison term, he was ordered to serve three years of supervised release, pay $4,408,543.38 in restitution, and forfeit his Medina home, purchased with fraudulent proceeds, along with $96,006.89 in illicit funds seized by investigators.
Federal prosecutors revealed that Oba Oloyede, alongside his co-conspirator, Edward Oluwasanmi, a 62-year-old Nigerian pastor from Willoughby, Ohio, exploited the U.S. government’s COVID-19 emergency loan programmes under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Between April 2020 and February 2022, the duo submitted 38 fraudulent applications for Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds, siphoning over $4.2 million meant to support struggling businesses during the pandemic.
Oloyede, who also worked as a tax preparer, used five business entities and a nonprofit to file false loan applications, including those for his clients, from whom he collected kickbacks of 15–20% of approved loans.
Investigators disclosed that he used the funds to acquire land, construct a home, and purchase a luxury vehicle, while failing to report the illicit income on his tax returns.
Oluwasanmi, who operated three business fronts, pleaded guilty alongside Oloyede in April and was sentenced in July to 27 months in prison, ordered to pay $1.2 million in restitution, forfeit a commercial property, and surrender over $600,000 in Yoruba monarch jailed in US
Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been sentenced to 56 months in prison by a U.S. District Court for his role in a multi-million-dollar COVID-19 relief fraud scheme.
The 62-year-old monarch, who holds dual citizenship in the U.S. and Nigeria and resides in Medina, Ohio, was sentenced on August 26 by Judge Christopher A. Boyko.
In addition to his prison term, he was ordered to serve three years of supervised release, pay $4,408,543.38 in restitution, and forfeit his Medina home, purchased with fraudulent proceeds, along with $96,006.89 in illicit funds seized by investigators.
Federal prosecutors revealed that Oba Oloyede, alongside his co-conspirator, Edward Oluwasanmi, a 62-year-old Nigerian pastor from Willoughby, Ohio, exploited the U.S. government’s COVID-19 emergency loan programmes under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Between April 2020 and February 2022, the duo submitted 38 fraudulent applications for Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds, siphoning over $4.2 million meant to support struggling businesses during the pandemic.
Oloyede, who also worked as a tax preparer, used five business entities and a nonprofit to file false loan applications, including those for his clients, from whom he collected kickbacks of 15–20% of approved loans.
Investigators disclosed that he used the funds to acquire land, construct a home, and purchase a luxury vehicle, while failing to report the illicit income on his tax returns.
Oluwasanmi, who operated three business fronts, pleaded guilty alongside Oloyede in April and was sentenced in July to 27 months in prison, ordered to pay $1.2 million in restitution, forfeit a commercial property, and surrender over $600,000 in fraud proceeds.
The U.S. Attorney’s Office emphasized the seriousness of the fraud, highlighting the collaborative efforts of investigative agencies, including the Department of Transportation Office of the Inspector General, FBI Cleveland Division, and IRS-Criminal Investigations, under the Pandemic Response Accountability Committee Fraud Task Force.
Prosecutors Edward D. Brydle and James L. Morford handled the case, which they said reflects the commitment of U.S. authorities to protect pandemic relief programmes and hold offenders accountable.
The conviction has sparked heated debates among the people of Ipetumodu, with many expressing disappointment and calling it a disgrace to the revered stool of Apetu.
The Osun State Government and the traditional council have yet to release an official statement on the matter.