Oba Joseph Olugbenga Oloyede, the traditional ruler of Ipetumodu in Osun State, Nigeria, has been convicted in the United States for his role in a sprawling $4.2 million COVID-19 relief fraud. The monarch, who also holds American citizenship, was sentenced following his guilty plea to multiple charges of conspiracy, wire fraud, and money laundering linked to pandemic relief scams.
According to reports from Peoples Gazette, the 62-year-old monarch, alongside another Nigerian-American, Edward Oluwasanmi, masterminded a complex scheme that defrauded the U.S. Small Business Administration (SBA) by exploiting emergency relief programs rolled out during the COVID-19 pandemic. These programs, such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), were designed to cushion economic disruptions caused by the global health crisis.
Court documents reveal that between April 2020 and February 2022, Oba Oloyede submitted fraudulent loan applications for six businesses under his control—Joseph Oloyede & Associates (JO&A), Available Transportation, Available Tax Services, Available Tutors, Available Financial, and other unnamed shell companies. In total, he obtained $1.7 million for his personal firms and helped others secure approximately $1.3 million in exchange for commissions. His co-conspirator, Oluwasanmi, acquired $1.2 million, bringing the total scam to around $4.2 million.
In one instance, JO&A received $500,000 in relief loans based on falsified payroll and tax records. Just two days later, another $500,000 was disbursed to Available Transportation. Several similar transactions occurred across his other entities, all based on fraudulent documentation.
The U.S. District Court for the Northern District of Ohio, presided over by Judge Christopher Boyko, issued a Preliminary Order of Forfeiture on May 5, 2025. This authorized the federal government to seize Oloyede’s high-value assets, including a residential property in Medina County, Ohio, registered in his wife’s name, and $96,006.89 held in a JP Morgan Chase account under “Joseph Oloyede and Associates Ltd.” Both the monarch and his wife, Sherri Oloyede, waived their rights to contest the forfeiture as part of a plea bargain agreement finalized on April 24, 2025.
Under the agreement, Oloyede admitted to 13 criminal charges and also gave up his right to appeal the forfeiture order or seek restitution. The plea deal was seen as a strategic move to secure a lighter sentence.
Oba Oloyede was arrested on May 4, 2024, after unknowingly returning to the U.S. while a sealed indictment was already in effect. Following his arrest, he was granted bail of $20,000, with strict conditions, including the surrender of both his American and Nigerian passports—now in federal custody.
The monarch’s legal predicament has caused a stir in his hometown of Ipetumodu, where he was enthroned as the Apetu in 2019. Residents and community elders lamented the prolonged absence of their traditional ruler, especially during significant cultural and religious celebrations such as Odun Egungun and Odun Edi. His absence for nearly a year has left a notable leadership vacuum in the town.
Local sources report that Oba Oloyede was declared missing in early 2024, only for it to be revealed later that he had been detained by the FBI. His dual roles as a royal figure in Nigeria and an accountant operating between Nigeria and Cleveland, Ohio, allegedly helped him evade detection for a considerable period.
The sentencing of the monarch is expected to take place in the coming weeks. His conviction stands as a stark reminder of the global reach of justice and the consequences of exploiting emergency public funds.
