Missing Osun monarch in FBI custody over ‘$4.2m COVID-19 fraud’

Tuesday, February 18, 2025 - Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been taken into custody by the United States Federal Bureau of Investigation (FBI) after being indicted for conspiracy, wire fraud, and money laundering.

Oloyede, who was crowned in 2019, frequently traveled between Nigeria and the U.S. for what he described as royal and personal engagements. His prolonged absence left the throne of Ipetumodu vacant for nearly a year, raising concerns among indigenes as he missed three major traditional festivals, including the annual Egungun Festival and Edi Celebration.

A statement issued by the U.S. Department of Transportation confirmed that a federal grand jury indicted Oloyede alongside Edward Oluwasanmi for conspiracy, wire fraud, and money laundering.

“The indictment alleges that Oloyede and Oluwasanmi fraudulently obtained over $4.2 million in COVID-19 relief funds guaranteed by the U.S. Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, including Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs),” the statement reads.

The indictment states that from April 2020 through February 2022, Oloyede and Oluwasanmi submitted PPP and EIDL applications containing false information for entities under their control. They also allegedly submitted falsified tax and wage documents to support these applications.

“Oloyede received $1.7 million, and Oluwasanmi received $1.2 million in SBA funds for their businesses,” the statement added.

“Additionally, Oloyede ‘Missing’ Osun monarch in FBI custody over ‘$4.2m COVID-19 fraud’

submitted falsified PPP and EIDL applications in the names of other co-conspirators and confederate borrowers and their businesses. Oloyede obtained approximately $1.3 million through those applications, totaling at least $4.2 million obtained through the fraud.”

Further investigations suggest that the monarch, an accountant by profession, assisted co-conspirators in executing similar fraud schemes, charging them a percentage of the loan amount upon disbursement.

“Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information,” the indictment stated.

The U.S. Attorney's Office for the Northern District of Ohio disclosed that Oloyede and Oluwasanmi have been charged with conspiracy to commit wire fraud, wire fraud, and money laundering offenses.

“The investigation is being conducted by the FBI, Internal Revenue Service Criminal Investigation, and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG), under the Pandemic Response Accountability Committee (PRAC) Fraud Task Force,” the statement added.

Oloyede was arrested on May 4, 2024, after a warrant was issued for his apprehension.