In a shocking turn of events, the Apetu of Ipetumodu, Oba Joseph Oloyede, a Nigerian monarch from the Southwest region, has been arrested by the FBI for defrauding the US government of $4.2 million (approximately N6.3 billion) in COVID-19 relief funds. The monarch, who also holds American citizenship, is facing a 13-count fraud indictment at the U.S. District Court for the Northern District of Ohio.
According to U.S. court documents, Oba Oloyede was arrested on May 4, 2024, after a warrant was issued for his apprehension. The FBI accuses him of orchestrating a fraudulent scheme through his six registered companies, obtaining loans meant for struggling businesses during the COVID-19 pandemic.
In 2020, the U.S. government introduced financial aid programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) to support businesses affected by the pandemic. However, loan applicants were required to submit tax records, wage statements, and other financial documents proving their eligibility.
Investigations revealed that Oba Oloyede allegedly falsified these documents and misused the funds for personal expenses, in violation of federal law. FBI records show that in June 2020 alone, Oba Oloyede secured over $100,000 in loans for four of his six companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation. On October 7, 2021, he received a $500,000 loan for JO&A, followed by another $500,000 loan two days later for 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 investigation is being conducted by the FBI, Internal Revenue Service Criminal Investigation, 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, the Apetu of Ipetumodu frequently traveled between Nigeria and the U.S. to attend to both his royal and personal affairs. His prolonged absence left the royal stool of Ipetumodu vacant for nearly a year, raising concerns among indigenes, particularly as he missed three major traditional festivals, including the annual Odun Egungun and Odun Edi.
The allegations against Oba Oloyede have sent shockwaves through the community, with many people expressing their disbelief and disappointment. As the case unfolds, the public awaits further developments and hopes for justice to be served.
