Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, and a Nigerian pastor, Edward Oluwasanmi, have pleaded guilty in the United States to charges related to a $4.2 million COVID-19 relief fraud scheme.
According to court documents, Oluwasanmi operated several companies, including Dayspring Transportation Limited, Dayspring Holding Incorporated, and Dayspring Property Incorporated, to fraudulently secure and misappropriate funds meant for businesses affected by the pandemic.
Both men faced 13 charges, including conspiracy to commit wire fraud, conspiracy to defraud the government, money laundering, and conducting financial transactions involving proceeds from unlawful activity.
Represented by attorney Henry Hilow, Oluwasanmi pleaded guilty on April 10 to three counts, confessing to using the illicit proceeds to purchase a commercial property in South Euclid, Ohio, and transferring funds into a brokerage account.
Oloyede entered his guilty plea on April 21. Both are scheduled for sentencing on July 2.
Before becoming a monarch in 2019, Oba Oloyede worked as an accountant and information systems expert in the U.S.
His frequent travels between Nigeria and America, coupled with his prolonged absence from Ipetumodu, had already stirred concerns among residents—especially after he demolished the community’s palace, pledging to rebuild it, only to later be arrested in the U.S.
Investigations showed that from April 2020 to February 2022, Oloyede and Oluwasanmi submitted fraudulent applications for Paycheck Protection Programme (PPP) loans and Economic Injury Disaster Loans (EIDL), using falsified tax and wage documents. These programs were part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act designed to assist small businesses and nonprofits during the pandemic.
Court filings further alleged that Oloyede used companies such as Available Tax Services Incorporated, Available Financial Corporation, and Available Transportation Company to carry out the fraud.
Oluwasanmi similarly exploited his businesses to obtain millions of dollars for personal gain, violating federal laws.
Earlier reports by Punch noted growing unease among the people of Ipetumodu over the monarch’s unexplained absence, especially during key festivals. His ongoing legal battle has fueled demands for the Osun State Government to investigate and take necessary action.
