The fraud, which spanned from April 2020 to February 2022, targeted U.S. pandemic relief initiatives, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) scheme, designed to support small businesses during the height of the COVID-19 pandemic.
By Afolabi Ayodele
KoikiMedia Reports
A U.S. federal court has ordered Oba Joseph Olugbenga Oloyede, the embattled traditional ruler of Ipetumodu in Osun State, Nigeria, to forfeit millions of dollars in assets following his guilty plea in a high-profile COVID-19 relief fraud case.
The 62-year-old monarch, who also holds U.S. citizenship, admitted to 13 felony counts, including conspiracy to commit wire fraud, money laundering, and defrauding a federal emergency aid programme, as part of a plea bargain agreement entered on April 24, 2025.
According to court documents reviewed by Peoples Gazette, Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio granted a Preliminary Order of Forfeiture on May 5, 2025, authorising the seizure of high-value assets linked to the fraudulent operation.
Assets Forfeited
Among the forfeited items are:
- A residential property in Medina County, Ohio, purchased in May 2021 under the name of his wife, Sherri Oloyede.
- A JP Morgan Chase account with a balance of $96,006.89 registered under Joseph Oloyede and Associates Ltd.
Though the property was registered in his wife’s name, both Mr. and Mrs. Oloyede waived their rights to contest the forfeiture, opting for a reduced sentence under the plea deal. The monarch has also relinquished his right to appeal or claim restitution in the future.
A $4.2 Million Fraud Scheme
The fraud, which spanned from April 2020 to February 2022, targeted U.S. pandemic relief initiatives, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) scheme, designed to support small businesses during the height of the COVID-19 pandemic.
According to federal prosecutors, Oloyede orchestrated an elaborate scam by submitting fraudulent loan applications under multiple companies he controlled, such as:
- Joseph Oloyede & Associates (JO&A)
- Available Transportation
- Available Tax Services
- Available Tutors
- Available Financial
- Additional shell companies yet to be fully disclosed
One such company, JO&A, received $500,000 in October 2021 using falsified tax and payroll records. Another, Available Transportation, was granted the same amount just two days later. In June 2020 alone, four of Oloyede’s companies secured over $100,000 each in relief funds.
In addition to personal gains, the monarch filed fraudulent applications for others, charging commission fees for successful disbursements. The total scheme involved:
- $1.7 million obtained by Oloyede for his companies
- $1.3 million secured for third-party conspirators
- $1.2 million directed to businesses associated with his co-defendant, Edward Oluwasanmi
The cumulative fraud is estimated at $4.2 million.
Arrest and Fallout
Oba Oloyede was arrested on May 4, 2024, upon returning to the United States, unaware that a sealed indictment had been issued against him. He was released on $20,000 bail, under strict conditions including the surrender of his U.S. and Nigerian passports (passport numbers redacted for privacy).
His arrest triggered outrage and disappointment in his hometown, Ipetumodu, where he was installed as Apetu in 2019. His prolonged absence, including during key festivals like Odun Egungun and Odun Edi, has left the royal stool functionally empty.
Community elders have raised alarm over the erosion of traditional authority and spiritual guidance due to the monarch’s legal entanglements. In early 2024, Oba Oloyede was even declared missing in Nigeria, only to be discovered later in FBI custody in the United States.
Sources familiar with his lifestyle revealed that the monarch’s frequent travel between Cleveland, Ohio, and Nigeria helped him conceal his criminal activities for years, using his dual status as a traditional ruler and accountant to blend roles.
As the case heads toward sentencing, the future of the Ipetumodu throne remains uncertain, casting a shadow over the credibility of traditional leadership amid rising global scrutiny.
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