The Apetu of Ipetumodu, Oba Joseph Oloyede, a traditional ruler from Osun State, Nigeria, is in the custody of the United States Federal Bureau of Investigation (FBI) over allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
The monarch, who was reported missing in March 2024, is now facing a 13-count indictment in the U.S. District Court for the Northern District of Ohio.
The indictment, filed on April 3, 2024, accuses Oba Oloyede and his associate, Edward Oluwasanmi, of conspiracy, wire fraud, and money laundering.
The charges allege that between April 2020 and February 2022, the duo fraudulently obtained over $4.2 million in COVID-19 relief funds intended to support businesses affected by the pandemic.
These funds were secured through falsified applications for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs), programs established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
According to U.S. court documents, Oba Oloyede orchestrated the fraudulent scheme through six registered companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation. In June 2020 alone, he secured over $100,000 in loans for these entities.
Further investigations revealed that he assisted co-conspirators in obtaining fraudulent loans, charging them a percentage of the loan amounts. The indictment states that Oloyede submitted falsified tax and wage documents to support these applications, resulting in substantial financial gains.
Oba Oloyede, an accountant by profession, was crowned as the Apetu of Ipetumodu in 2019. He frequently travelled between Nigeria and the U.S. for both royal and personal engagements.
He was unaware he was under investigation and willingly travelled into the waiting hands of security officials who had flagged his name on the borders.
His prolonged absence since March 2024 raised concerns among the indigenes of Ipetumodu, especially after he missed three major traditional festivals, including the annual Egungun and Edi celebrations. Community leaders and residents expressed their worries, noting the vacant throne and the monarch’s failure to fulfil his traditional duties.
The case is being investigated by the FBI, the 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.
If convicted, Oba Oloyede faces severe penalties, including potential imprisonment and asset forfeiture.
This case highlights the U.S. government’s ongoing efforts to combat pandemic-related fraud and hold perpetrators accountable.
