A Nigerian monarch, Oba Joseph Oloyede, the Apetu of Ipetumodu, has been arrested and detained by the U.S. Federal Bureau of Investigation (FBI) over allegations of fraud amounting to $4.2 million. Oloyede, who was reported missing in March 2024, was found in FBI custody and is currently facing a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio.
According to U.S. authorities, the monarch, who is also a U.S. citizen, allegedly orchestrated a scheme to defraud the U.S. government by obtaining COVID-19 relief funds through fraudulent means.
Court documents reveal that Oloyede, an accountant by profession, used his six registered companies to apply for loans under the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. These programs were introduced by the U.S. government in 2020 to support businesses struggling due to the pandemic.
However, loan applicants were required to provide financial documents such as tax records and wage statements to prove their eligibility. Investigators say Oloyede allegedly submitted falsified documents and misused the funds for personal expenses.
In June 2020 alone, he secured over $100,000 in loans for four of his companies—Available Tax Services, Available Tutors, Available Financial, and Available Transportation. He later obtained an additional $500,000 loan for JO&A on October 7, 2021, and another $500,000 two days later for Available Transportation.
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Further investigations suggest that Oloyede did not act alone. The FBI alleges that he assisted other individuals in executing similar fraudulent schemes by submitting loan applications on their behalf and charging them a percentage of the funds received.
“Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information,” the indictment stated.
He is accused of fraudulently obtaining $1.7 million for his own businesses and another $1.3 million by submitting falsified loan applications for others, bringing the total amount obtained through the scheme to at least $4.2 million.
The FBI, the Internal Revenue Service Criminal Investigation (IRS-CI), and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG) launched an investigation into Oloyede’s activities under the Pandemic Response Accountability Committee (PRAC) Fraud Task Force.
On April 3, 2024, a federal grand jury in Cleveland indicted Oloyede alongside another Nigerian-American, Edward Oluwasanmi, on charges of conspiracy, wire fraud, and money laundering. Prosecutors allege that between April 2020 and February 2022, the two men worked together to defraud the Small Business Administration (SBA) and U.S. financial institutions.
Following the indictment, a warrant was issued for Oloyede’s arrest, and he was apprehended on May 4, 2024.
Oloyede was crowned the Apetu of Ipetumodu in 2019, and his frequent travels between Nigeria and the U.S. raised concerns among his subjects. His prolonged absence from the throne, particularly over the past year, left the royal stool vacant and caused unrest in Ipetumodu, as he missed major traditional festivals, including the annual Odun Egungun and Odun Edi.
The U.S. Attorney’s Office for the Northern District of Ohio confirmed that Oloyede and Oluwasanmi face multiple charges related to wire fraud and money laundering. If convicted, they could face significant prison time and financial penalties.
U.S. authorities have reiterated their commitment to holding individuals accountable for misusing pandemic relief funds. “These funds were meant to support businesses during a time of crisis, and we will not tolerate fraudulent activities that undermine the integrity of these programs,” an official from the PRAC Fraud Task Force stated.
Oloyede remains in FBI custody as he awaits trial, and his case continues to draw attention both in Nigeria and the United States.