Oba Joseph Oloyede, the Apetu of Ipetumodu, a prominent Nigerian monarch from the Southwest, has been found in FBI custody after being reported missing in March 2024. He is facing serious charges for allegedly defrauding the U.S. government of approximately $4.2 million in COVID-19 relief funds.
Oloyede, who also holds U.S. citizenship, is currently fighting a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio. According to court documents, he was arrested on May 4, 2024, following a warrant issued for his apprehension. The FBI claims Oloyede masterminded a fraudulent scheme involving six of his registered companies, using them to obtain loans meant for businesses affected by the pandemic.
In 2020, the U.S. government rolled out financial assistance programs like the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) to help struggling businesses. However, applicants were required to submit accurate financial documentation, such as tax records and wage statements, to prove eligibility.
Investigations reveal that Oloyede falsified these documents and used the funds for personal expenses, violating federal laws. In June 2020 alone, he secured over $100,000 in loans for four of his companies, including Available Tax Services and Available Transportation. Later, in 2021, he obtained additional loans totaling $1 million for two other businesses. Further investigation shows Oloyede also assisted co-conspirators in submitting false loan applications for their businesses, pocketing approximately $1.3 million through these fraudulent claims.
Oloyede’s arrest is part of a larger investigation into COVID-19 relief fund fraud, which includes charges against his co-conspirator, Edward Oluwasanmi. Both individuals have been indicted for conspiracy, wire fraud, and money laundering. Between April 2020 and February 2022, they allegedly defrauded the U.S. Small Business Administration (SBA) of over $4.2 million by submitting false applications for both the PPP and EIDL programs
The investigation is being conducted by the FBI, the Internal Revenue Service Criminal Investigation, and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG), under the Pandemic Response Accountability Committee (PRAC) Fraud Task Force.
Oloyede, who was crowned in 2019 as the Apetu of Ipetumodu, had frequently traveled between Nigeria and the U.S. to manage both his royal duties and personal business interests. His disappearance raised concerns in Ipetumodu, particularly as he missed several key cultural festivals, including the annual Odun Egungun and Odun Edi.
Federal authorities are continuing efforts to hold Oloyede and his co-conspirators accountable for their alleged role in the fraud scheme.
