Top Nigerian Monarch, Apetu of Ipetumodu, Indicted by FBI for $4.2 Million COVID-19 Fraud
A prominent Nigerian traditional ruler, the Apetu of Ipetumodu, Oba Joseph Oloyede, has been found in FBI custody nearly a year after he was reported missing. The monarch is currently facing a 13-count indictment in the U.S. District Court for the Northern District of Ohio over allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
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Fraud Allegations and Arrest
According to U.S. court documents, Oba Oloyede, who is also a U.S. citizen, was arrested on May 4, 2024, following a federal warrant. Investigations by the FBI, Internal Revenue Service Criminal Investigation, and the U.S. Department of Transportation’s Office of Inspector General revealed that the monarch orchestrated a scheme through six registered companies, fraudulently obtaining loans intended for struggling businesses during the COVID-19 pandemic.
During the pandemic, the U.S. government introduced financial relief programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) to support businesses. However, these programs required applicants to submit legitimate tax records, wage statements, and financial documents proving their eligibility.
Authorities allege that Oloyede falsified these documents and misused the funds for personal expenses, in violation of federal law. FBI records indicate that in June 2020 alone, he secured over $100,000 in loans for four of his companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation. Further transactions showed that in October 2021, he received $500,000 for JO&A and another $500,000 for Available Transportation.
Complicity in a Larger Fraud Network
The indictment further alleges that the monarch, an accountant by profession, assisted co-conspirators in executing similar fraudulent schemes. Oloyede reportedly facilitated the submission of falsified PPP and EIDL loan applications on behalf of other individuals, charging them a percentage of the disbursed loan amounts.
The grand jury indictment filed on April 3, 2024, named Oloyede and his associate, Edward Oluwasanmi, as co-defendants in a multi-million-dollar fraud conspiracy. Prosecutors claim that between April 2020 and February 2022, the duo fraudulently obtained over $4.2 million in SBA-guaranteed relief funds. While Oloyede allegedly pocketed $1.7 million for his own businesses, he also obtained $1.3 million through fraudulent applications submitted on behalf of accomplices.
Impact on Ipetumodu and the Monarch’s Absence
Crowned in 2019, Oba Oloyede was known for frequently traveling between Nigeria and the United States to oversee his royal and business affairs. However, his prolonged absence had raised concerns among the people of Ipetumodu, as he missed three major traditional festivals, including the annual Odun Egungun and Odun Edi.
With the revelation of his arrest and ongoing prosecution, the fate of the monarchy in Ipetumodu remains uncertain. The case also highlights the growing issue of financial fraud related to COVID-19 relief programs, which U.S. authorities have been aggressively investigating.
The FBI, in collaboration with the IRS and the U.S. Department of Transportation’s Office of Inspector General, continues its probe into the matter under the Pandemic Response Accountability Committee (PRAC) Fraud Task Force. If convicted, Oloyede and his co-defendant face lengthy prison sentences for conspiracy, wire fraud, and money laundering offenses.
As the case unfolds, further legal proceedings will determine the full extent of Oloyede’s involvement and potential restitution of the stolen funds. Meanwhile, the people of Ipetumodu await clarity on their monarch’s future amid the deepening scandal.
Reference
Top Nigerian Monarch, Apetu of Ipetumodu, Indicted by FBI for $4.2 Million COVID-19 Fraud