Oba Joseph Olugbenga Oloyede, the disgraced traditional ruler of Ipetumodu in Osun State, Nigeria, has been ordered by a U.S. federal court to forfeit millions of dollars in assets and funds to the American government.
This follows his guilty plea to multiple counts of fraud linked to a sprawling $4.2 million COVID-19 relief scam, according to Peoples Gazette.
The 62-year-old monarch, who also holds American citizenship, was indicted in April 2024 alongside another Nigerian-American, Edward Oluwasanmi. Together, they were accused of orchestrating an elaborate scheme to defraud the U.S. Small Business Administration (SBA) of relief funds during the peak of the COVID-19 pandemic.
In a Preliminary Order of Forfeiture issued on May 5, 2025, Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio authorized the Federal Government to seize various high-value assets tied to the convicted monarch.
The ruling followed a plea bargain agreement entered into by Oloyede on April 24, 2025, in which he pleaded guilty to 13 charges, including conspiracy to commit wire fraud, money laundering, and defrauding a federal relief programme.
These assets are listed as a residential property in Medina County, Ohio, purchased by the monarch in May 2021 under his wife’s name, Sherri Oloyede and $96,006.89 held in a JP Morgan Chase bank account under the name Joseph Oloyede and Associates Ltd.
Despite the property being held in his wife’s name, Mr. and Mrs. Oloyede voluntarily waived their right to contest the forfeiture as part of the negotiated plea agreement to secure a reduced sentence.
The disgraced monarch has also waived his right to appeal the forfeiture order or seek any restitution in the future.
According to the indictment, the fraudulent scheme took place between April 2020 and February 2022, a period during which the U.S. government rolled out several emergency relief packages—including the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program—under the CARES Act to cushion the effects of the COVID-19 pandemic.
Federal prosecutors allege that Oloyede exploited these programmes by submitting fraudulent loan applications under the names of six companies he owned or controlled. These companies included: Joseph Oloyede & Associates (JO&A), Available Transportation, Available Tax Services, Available Tutors, Available Financial, Additional unnamed shell entities.
On October 7, 2021, JO&A received $500,000 in relief loans based on falsified tax and payroll documents. Just two days later, Available Transportation received an identical amount. In June 2020 alone, four of Oloyede’s companies secured over $100,000 through fraudulent means.
Beyond benefiting his own businesses, the Apetu of Ipetumodu also submitted false loan applications on behalf of co-conspirators, charging them a commission for each successful disbursement. In total, Oloyede obtained $1.7 million for his own companies. He helped others obtain an estimated $1.3 million. Oluwasanmi’s entities received $1.2 million. The total amount stolen is estimated at $4.2 million.
Oba Oloyede was arrested on May 4, 2024, following a court-issued warrant. He had returned to the U.S. unaware of a sealed 13-count indictment waiting for him. After his arrest, he was granted bail on $20,000, with strict conditions, including the surrender of both his U.S. and Nigerian passports.
His U.S. passport, and Nigerian passport are now in federal custody pending sentencing.
The monarch’s legal troubles have created turmoil in his hometown of Ipetumodu, where he was crowned Apetu in 2019. His repeated absence from the community, especially during major cultural and religious festivals such as Odun Egungun and Odun Edi, has left the royal stool virtually vacant for nearly a year.
Community elders and residents have voiced deep concerns over the lack of leadership and spiritual guidance traditionally offered by the monarch.
According to local reports, Oba Oloyede was declared missing in early 2024, only to be discovered in FBI custody in the United States. His dual role as a monarch and accountant who frequently travelled between Cleveland, Ohio, and Nigeria made it easier to conceal his fraudulent activities over time.
Sahara Reporters
