Daud Olatunji
The Apetu of Ipetumodu, Oba Joseph Oloyede, has found himself in the custody of the Federal Bureau of Investigation (FBI) after being indicted for a staggering $4.2 million COVID-19 relief fund fraud.
PLATFORM TIMES reports that the Nigerian monarch, who holds dual citizenship in the U.S. and Nigeria, faces a 13-count indictment in the U.S. District Court for the Northern District of Ohio, accused of orchestrating a scheme to defraud the U.S. government.
Oba Oloyede, who had been missing from his royal duties since March 2024, was arrested on May 4, 2024, following an arrest warrant issued by the U.S. District Court.
His absence from the throne has raised concerns among Ipetumodu indigenes, especially given that he missed several key traditional festivals, including the Odun Egungun and Odun Edi, which are central to the community’s cultural calendar.
Investigations by the FBI revealed that the monarch, who is based in Cleveland, used six registered companies to unlawfully obtain loans meant for small businesses hit by the COVID-19 pandemic.
These loans, part of the U.S. government’s Economic Injury Disaster Loan (EIDL) programme, were designed to help struggling businesses cover operational costs such as payroll and debts.
Applicants were required to submit official documentation proving that their businesses were financially impacted by the pandemic.
However, according to the FBI, Oba Oloyede falsified the documents and diverted the funds for personal use.
In June 2020 alone, he allegedly secured over $100,000 in loans for four of his companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation.
A further investigation uncovered that Oloyede received additional loans, including $500,000 in October 2021 for his company JO&A, and another $500,000 for Available Transportation just two days later.
The indictment also states that Oloyede, who has an accounting background, assisted other individuals in submitting fraudulent loan applications.
He is accused of charging a percentage of the loan amounts for his assistance in executing the fraudulent schemes.
Unaware of the indictment, Oloyede left Nigeria for the U.S., where he was promptly apprehended by the FBI upon his return.
It remains uncertain whether the people of Ipetumodu were aware of the legal troubles plaguing their monarch before his disappearance and whether a replacement will be chosen should he be convicted and sentenced.
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