Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been arrested by the United States Federal Bureau of Investigation (FBI) after being charged with conspiracy, wire fraud, and money laundering.
Oloyede, who ascended the throne in 2019, frequently traveled between Nigeria and the U.S. for both royal and personal reasons. His extended absence left the Ipetumodu throne vacant for almost a year, causing concern among locals as he missed three key traditional festivals, including the Egungun Festival and Edi Celebration.
A statement from the U.S. Department of Transportation revealed that a federal grand jury indicted Oloyede and Edward Oluwasanmi for their involvement in a scheme that fraudulently obtained over $4.2 million in COVID-19 relief funds guaranteed by the U.S. Small Business Administration (SBA) under the CARES Act, including Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs).
The indictment claims that from April 2020 to February 2022, Oloyede and Oluwasanmi submitted false PPP and EIDL applications for businesses they controlled, also providing falsified tax and wage documents to support these claims.
Oloyede received $1.7 million, while Oluwasanmi received $1.2 million in SBA funds for their businesses. Additionally, Oloyede is said to have submitted fraudulent applications on behalf of other co-conspirators and borrowed approximately $1.3 million, bringing the total fraud to at least $4.2 million.
Investigations also indicate that Oloyede, a professional accountant, helped co-conspirators execute similar fraud schemes, charging them a percentage of the loan disbursements.
The U.S. Attorney’s Office for the Northern District of Ohio revealed that Oloyede and Oluwasanmi face charges for conspiracy to commit wire fraud, wire fraud, and money laundering. The investigation was led by the FBI, IRS 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 was arrested on May 4, 2024, following the issuance of a warrant for his arrest.
