The Apetu of Ipetumodu in Osun State, Oba Joseph Oloyede, has been sentenced to 56 months in prison by a United States court for his role in a multi-million-dollar COVID-19 relief fraud scheme.
The 62-year-old monarch, who holds dual Nigerian and U.S. citizenship and lived in Medina, Ohio, was handed the sentence on Tuesday, by U.S. District Judge Christopher A. Boyko. He will also serve three years of supervised release, pay $4,408,543.38 in restitution, and forfeit his Medina home and nearly $96,000 in seized proceeds.
Join our WhatsApp ChannelAccording to the U.S. Attorney’s Office for the Northern District of Ohio, Oloyede and his co-conspirator, Edward Oluwasanmi, conspired between April 2020 and February 2022 to exploit emergency business loan programmes created under the CARES Act to cushion the impact of the COVID-19 pandemic.
Both men pleaded guilty in April to charges of wire fraud and tax fraud. Prosecutors told the court that Oloyede operated five businesses and a nonprofit, while Oluwasanmi owned three companies. Together, they filed dozens of fraudulent applications and secured millions of dollars in federal funds.
READ ALSO: Taylor Swift, Travis Kelce Are Getting Married! Patrick Mahomes, Others React
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 27th August 2025
Investigators said Oloyede also submitted applications in the names of tax clients, collecting 15–20 percent kickbacks from their loans without declaring the income. The illegally obtained money was then used to acquire land, build a home, and purchase a luxury vehicle.
In total, Oloyede caused the U.S. Small Business Administration to approve 38 fraudulent applications, leading to disbursement of $4,213,378 in loans and advances.
Oluwasanmi, 62, of Willoughby, Ohio, was sentenced in July to 27 months in prison, restitution of over $1.2 million, forfeiture of a commercial property, and surrender of more than $600,000 held in financial accounts.
The U.S. Attorney’s Office said the conviction reflects the government’s commitment to holding accountable those who diverted emergency funds meant for struggling businesses and workers at the height of the pandemic.
The case was jointly investigated by the Department of Transportation Office of Inspector General, the FBI Cleveland Division, and IRS-Criminal Investigations, and prosecuted by Assistant U.S. Attorneys Edward D. Brydle and James L. Morford.
Amanze Chinonye is a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria. With a unique voice that blends tradition with modernity, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday Nigerian life, from the bustling markets of Lagos to the quiet villages of the countryside. With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
