Nigerian Monarch, Oloyede Forfeits Millions, Property in U.S. COVID-19 Relief Fraud Case
Oba Joseph Olugbenga Oloyede, the Apetu of Ipetumodu in Osun State, Nigeria, has forfeited millions of dollars and multiple properties to the U.S. government after pleading guilty to defrauding federal COVID-19 relief programs.
The monarch, who also holds U.S. citizenship, was implicated in a scheme that illegally secured over $4.2 million through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) during the pandemic.
Between April 2020 and February 2022, Oloyede, leveraging his background in accounting, submitted falsified loan applications for six of his U.S.-based businesses, including Available Tax Services and Available Transportation. The applications included inflated employee numbers, fabricated payroll costs, and falsified tax documents to qualify for higher loan amounts.
Oloyede also allegedly assisted several co-conspirators in submitting fraudulent applications, charging them a percentage of the disbursed funds as a “consulting fee.”
In total, Oloyede secured approximately $1.7 million for his businesses and an additional $1.3 million through applications for others.
The U.S. Department of Justice charged Oloyede with conspiracy to commit wire fraud, wire fraud, and money laundering.
He was arrested in May 2024 in Bedford Heights, Ohio, and later released on a $20,000 bail after surrendering his U.S. and Nigerian passports.
On April 21, 2025, Oloyede pleaded guilty to the charges as part of a plea agreement. He agreed to forfeit a substantial portion of his assets, including cash, luxury vehicles, and properties in the U.S., which were identified as being purchased using the fraudulently obtained funds.
The exact value of the forfeited assets has not been disclosed but is believed to cover a significant portion of the $4.2 million in fraudulent proceeds.
Oloyede’s legal troubles have left the royal stool of Ipetumodu vacant for nearly a year, creating a leadership vacuum in the community.
His absence has disrupted key traditional festivals, such as the Odun Egungun and Odun Edi, sparking concern among residents about the stability of their cultural heritage.
Community leaders have expressed disappointment over the monarch’s involvement in the scandal, describing it as a significant embarrassment to the town and the broader Yoruba cultural community.
The case is part of a broader effort by U.S. authorities to combat widespread fraud related to pandemic relief programs. The Internal Revenue Service (IRS) and Federal Bureau of Investigation (FBI) have intensified their scrutiny of similar cases, suggesting that additional charges against other individuals involved in these schemes may follow.
Oloyede is expected to be sentenced later this year, with potential penalties including significant prison time, further asset forfeitures, and restitution payments.
