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Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been detained by the United States Federal Bureau of Investigation (FBI) after being indicted for conspiracy, wire fraud, and money laundering.
Oloyede, who ascended to the throne in 2019, frequently traveled between Nigeria and the U.S. for both royal duties and personal matters. His extended absence left the Ipetumodu throne vacant for nearly a year, which sparked concern among locals as he missed several key traditional festivals, including the annual Egungun Festival and Edi Celebration.
A statement from the U.S. Department of Transportation revealed that Oloyede was indicted alongside Edward Oluwasanmi for their involvement in conspiracy, wire fraud, and money laundering.
The indictment alleges that the two fraudulently secured over $4.2 million in COVID-19 relief funds, including Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) provided by the U.S. Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
From April 2020 to February 2022, Oloyede and Oluwasanmi allegedly submitted fraudulent applications for these funds, providing false information for businesses they controlled and submitting falsified tax and wage documents to support their claims. Oloyede reportedly received $1.7 million, while Oluwasanmi secured $1.2 million in SBA funds. Furthermore, Oloyede is said to have submitted falsified applications in the names of other co-conspirators, obtaining an additional $1.3 million, bringing the total amount obtained through the fraud to at least $4.2 million.
Further investigation revealed that Oloyede, an accountant by profession, played a key role in assisting co-conspirators with similar fraud schemes, charging a percentage of the loan amounts upon disbursement.
The U.S. Attorney’s Office for the Northern District of Ohio has confirmed that Oloyede and Oluwasanmi face charges of conspiracy to commit wire fraud, wire fraud, and money laundering. The investigation is being led by the FBI, the Internal Revenue Service Criminal Investigation division, and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG), in cooperation with the Pandemic Response Accountability Committee (PRAC) Fraud Task Force.
Oloyede was arrested on May 4, 2024, following the issuance of an arrest warrant.
