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U.S. Jails Nigerian Monarch Joseph Oloyede Over $4.2m COVID-19 Fraud
The Apetu of Ipetumodu, Oba Joseph Oloyede, has been sentenced to 56 months in a U.S. prison for orchestrating a $4.2m COVID-19 relief fraud scheme.
A Nigerian monarch has been jailed in the United States for COVID-19 fraud involving more than $4.2 million in pandemic relief funds. Oba Joseph Olugbenga Oloyede, the Apetu of Ipetumodu in Osun State, was sentenced to 56 months in federal prison after pleading guilty to wire fraud and tax fraud charges.
The 62-year-old monarch, who is also a U.S. citizen residing in Ohio, conspired with associates to file dozens of fake loan applications under the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). The fraudulent scheme netted millions of dollars, which were diverted into real estate, luxury vehicles, and personal expenses, leading to what prosecutors described as a “serious betrayal of public trust.”
On August 26, 2025, a U.S. federal court in Ohio sentenced the 62-year-old monarch to 56 months behind bars for his role in a scheme that drained millions from pandemic support programs meant for struggling American businesses.
Court records show that Oloyede and his associate, Edward Oluwasanmi, filed at least 38 fake loan applications through companies and a nonprofit, siphoning about $4.21 million from the U.S. Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).
Instead of supporting workers, prosecutors said the monarch splurged the funds on real estate, home construction, and luxury vehicles, while pocketing hefty kickbacks from clients whose fake loans he processed. He also failed to declare the income to U.S. tax authorities.
Judge Christopher A. Boyko ordered Oloyede to pay back $4.4 million, forfeit his Ohio residence, and surrender nearly $100,000 in seized funds. After serving his prison term, he will remain under three years of supervised release.
Back home in Osun State, Nigeria, the conviction has thrown Ipetumodu into controversy. Critics argue that the traditional ruler has disgraced his throne and should be dethroned for betraying public trust.
The case adds to the growing list of COVID-19 fraud prosecutions in the U.S., where authorities continue to pursue individuals who exploited emergency relief programs during the pandemic.
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