The Apetu of Ipetumodu in Osun State, Oba Joseph Olugbenga Oloyede, has been jailed in the United States for his role in a multimillion-dollar COVID-19 relief fraud.
Oloyede, 62, who holds both Nigerian and U.S. citizenship, was sentenced on Tuesday to 56 months in prison by U.S. District Judge Christopher A. Boyko in Ohio. He will also serve three years of supervised release and repay $4.4 million in restitution.
According to the U.S. Attorney’s Office for the Northern District of Ohio, the monarch forfeited his Medina, Ohio residence—purchased with illicit funds—alongside $96,000 in seized fraud proceeds.
Fraud Scheme During Pandemic
Prosecutors revealed that between April 2020 and February 2022, Oloyede and his accomplice, Pastor Edward Oluwasanmi, exploited federal pandemic loan programmes intended for struggling businesses. They submitted fraudulent applications under the Small Business Administration’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), siphoning more than $4.2 million.
Both men pleaded guilty in April to wire fraud and tax-related offences. Investigators said Oloyede, a tax preparer, operated multiple businesses and a nonprofit, while Oluwasanmi owned three entities. Through these outfits, they secured about $1.7 million for Oloyede and $1.2 million for Oluwasanmi.
The court heard that Oloyede also filed fraudulent loan applications for clients in exchange for kickbacks of up to 20 percent of approved loans—income he failed to report to tax authorities. The money was used to acquire land, build a house, and purchase a luxury car.
In total, Oloyede was linked to 38 fraudulent loan approvals worth over $4.2 million.
Co-Conspirator’s Conviction
In July, Oluwasanmi, 62, was sentenced to 27 months in prison. He was ordered to pay $1.2 million in restitution, forfeit a commercial property, and surrender over $600,000 from his accounts.
U.S. Authorities React
The U.S. Attorney’s Office said the case was part of a larger crackdown on pandemic-related fraud and was investigated by the Department of Transportation Office of Inspector General, the FBI, and IRS-Criminal Investigations.
Assistant U.S. Attorneys Edward Brydle and James Morford prosecuted the case.
