In a significant development, U.S. authorities have arrested Oba Joseph Olugbenga Oloyede, the Apetu of Ipetumodu in Osun State, Nigeria, on charges of conspiracy, wire fraud, and money laundering. The monarch is accused of orchestrating a scheme to fraudulently obtain over $4.2 million in COVID-19 relief funds from the U.S. government.
According to the indictment, Oba Oloyede, along with co-defendant Edward Oluwasanmi, submitted falsified applications for Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) between April 2020 and February 2022. These applications allegedly contained false information and were supported by fabricated tax and wage documents. The funds obtained were purportedly used for personal enrichment rather than the intended purpose of supporting businesses affected by the pandemic.
The arrest has caused a stir in Ipetumodu, where residents had been expressing concern over the monarch’s prolonged absence. Oba Oloyede, who was installed as the Apetu in 2019, had been frequently traveling between Nigeria and the U.S. for various engagements. However, his absence since March 2024, during which he missed significant traditional festivals, had led to growing unease among the community members.
Following his arrest on April 5, 2024, Oba Oloyede was released on bail set at $20,000. As part of his bail conditions, the court has confiscated his U.S. and Nigerian passports to prevent any attempt to flee the country. The trial is expected to commence in the coming months, during which the prosecution will present evidence detailing the alleged fraudulent activities.
This case highlights the ongoing efforts by U.S. authorities to combat fraud related to COVID-19 relief funds. The Federal Bureau of Investigation (FBI) and the Internal Revenue Service Criminal Investigation (IRS-CI) are actively involved in investigating and prosecuting individuals who have exploited pandemic relief programs for personal gain.
The community of Ipetumodu awaits further developments as the legal proceedings unfold, hoping for a resolution that upholds justice and the integrity of their traditional institution.
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