…Faces $4.2 Million COVID-19 Fraud Charges
The Apetu of Ipetumodu, Oba Joseph Oloyede, who was declared missing on 3 March 2024, has been found in the custody of the United States Federal Bureau of Investigation (FBI).
The traditional ruler is currently facing a 13-count fraud indictment in the US District Court for the Northern District of Ohio over allegations of defrauding the US government of $4.2 million in COVID-19 relief funds.
Oba Oloyede, who also holds American citizenship, was arrested on 4 May 2024, following a warrant issued by the U.S. District Court.
According to the FBI, he allegedly used his six registered companies to fraudulently secure loans meant for struggling businesses during the COVID-19 pandemic.
Missing King, Vacant Throne
The monarch’s prolonged absence has left the royal stool of Ipetumodu, Osun State, vacant for almost a year, raising concerns among indigenes.
He has also missed three major traditional festivals, including the annual Odun Egungun and Odun Edi, key cultural events in the town.
Crowned in 2019, Oba Oloyede regularly travelled between Nigeria and the United States, where his family resides. However, it remains unclear whether the people of Ipetumodu were aware of the allegations before his disappearance.
FBI Investigation and Fraud Allegations
Documents obtained from the FBI reveal that between June 2020 and October 2021, Oba Oloyede applied for and secured several loans under the US Economic Injury Disaster Loan (EIDL) programme, which was meant to support businesses affected by the COVID-19 pandemic.
On 15 June 2020, he received over $100,000 in loans for four of his companies, including: Available Tax Services, Available Tutors, Available Financial, and Available Transportation.
Further FBI records indicate that on 7 October 2021, he secured a $500,000 loan for his company, JO&A. Two days later, on 9 October 2021, he obtained another $500,000 loan for Available Transportation.
The FBI alleges that the monarch falsified tax returns, wage statements, and other financial documents to qualify for the loans. Investigators also discovered that he assisted others in similar fraudulent schemes, charging them a percentage of the loan amount upon disbursement.
The indictment, filed on 3 April 2024, states: “Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information.”
Arrest and Legal Battle
Unaware that he had been indicted, Oba Oloyede left Nigeria and travelled to the US, where the FBI arrested him upon arrival.
With the Apetumodu throne vacant, questions remain over the next steps for the Ipetumodu community, should the monarch be convicted and sentenced to prison.
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