COVID-19 Loot: U.S. Jails Osun Monarch, Apetu of Ipetumodu, Oba Oloyede, for $4.2m Pandemic Fraud
The Apetu of Ipetumodu, Oba Joseph Olugbenga Oloyede, a traditional ruler from Osun State, has been sentenced to more than four years in a United States prison for his role in a multi-million-dollar COVID-19 relief fraud scheme.
Oloyede, 62, who holds both Nigerian and U.S. citizenship, was convicted of wire fraud and tax fraud after exploiting emergency loan programmes intended for struggling American businesses during the height of the pandemic.
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On August 26, U.S. District Judge Christopher A. Boyko handed him a 56-month prison term, followed by three years of supervised release, and ordered restitution of $4,408,543.38. The monarch was also forced to forfeit his Medina, Ohio, mansion and nearly $100,000 in illicitly obtained funds seized by investigators.
According to U.S. prosecutors, Oloyede, a licensed tax preparer, collaborated with his associate, Edward Oluwasanmi, 62, to submit dozens of fraudulent applications for loans under the CARES Act between April 2020 and February 2022. Their scam siphoned more than $4.2 million from pandemic relief funds.
“Oloyede exploited the desperation of the pandemic, filing fraudulent PPP and EIDL applications, sometimes even in the names of unsuspecting clients,” the U.S. Attorney’s Office stated. “He pocketed kickbacks of up to 20 percent on loans he illegally secured while concealing the income from his tax returns.”
Investigations revealed that the monarch used the stolen funds to acquire land, build a luxury home, and purchase expensive vehicles, even as small businesses across America were fighting for survival.
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Oluwasanmi, his co-conspirator, had earlier been sentenced in July to 27 months in prison, restitution of $1.2 million, and forfeiture of assets linked to the scheme.
Prosecutors noted that Oloyede personally caused the approval of 38 fraudulent applications worth over $4.2 million. “This was not just fraud; it was theft from the American people at their most vulnerable time,” investigators stressed.
The U.S. Attorney’s Office emphasised that the conviction was the result of a coordinated probe by the FBI, IRS-Criminal Investigations, and other agencies under the Pandemic Response Accountability Committee Fraud Task Force.