Nigerian monarch Oloyede still faces prospects of jail at court sentencing in July
By Jeph Ajobaju, Chief Copy Editor
Ipetumodu’s disgraced traditional ruler in Osun, Joseph Oloyede, who has dual Nigerian/American citizenship, still faces the prospects of jail in the United States at his sentencing in court in July despite having forfeited $96,006.89 and other high-value assets for committing fraud.
Oloyede, 62, on April 24 made a plea bargain (merely) to ensure a reduced jail term, pleading guilty to 13 charges, including conspiracy to commit wire fraud, money laundering, and defrauding a federal relief programme.
He was ordered by a US federal court to forfeit millions of dollars in assets and funds to the American government after pleading guilty to multiple counts of fraud linked to a sprawling $4.2 million COVID-19 relief scam, according to Peoples Gazette.
Oloyede was indicted in April alongside another Nigerian-American, Edward Oluwasanmi, a pastor. Both were accused of orchestrating an elaborate scheme to defraud the US Small Business Administration (SBA) of relief funds during the peak of the COVID-19 pandemic.
In a Preliminary Order of Forfeiture issued on May 5, Judge Christopher Boyko of the US District Court for the Northern District of Ohio authorised the federal government to seize various high-value assets tied to Oloyede, according to court documents.
These assets are listed as a residential property in Medina County, Ohio, that Oloyede purchased in May 2021 under the name of his wife, Sherri, and $96,006.89 held in a JP Morgan Chase bank account under the name Joseph Oloyede and Associates Ltd.
Despite the property being held in his wife’s name, both husband and wife voluntarily waived their right to contest the forfeiture as part of the negotiated plea agreement to secure a reduced sentence.
Oloyede also waived his right to appeal the forfeiture order or seek any restitution in the future.
The indictment said the fraudulent scheme took place between April 2020 and February 2022, a period during which the US government rolled out several emergency relief packages.
The packages included the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program – under the CARES Act to cushion the effects of the COVID-19 pandemic.
Federal prosecutors said Oloyede exploited these programmes by submitting fraudulent loan applications under the names of six companies he owned or controlled – Joseph Oloyede & Associates (JO&A), Available Transportation, Available Tax Services, Available Tutors, Available Financial, and additional unnamed shell entities.
On October 7, 2021, JO&A received $500,000 in relief loans based on falsified tax and payroll documents. Two days later, Available Transportation received an identical amount.
In June 2020 alone, four of Oloyede’s companies secured over $100,000 through fraudulent means, according to prosecutors.
Beyond benefiting his own businesses, Oloyede also submitted false loan applications on behalf of co-conspirators, charging them a commission for each successful disbursement.
In total, Oloyede obtained $1.7 million for his own companies. He helped others obtain an estimated $1.3 million. Oluwasanmi’s entities received $1.2 million.
The total amount stolen is estimated at $4.2 million.
Oloyede, the Apetu of Ipetumodu, was arrested on 4 May 2024 following a court-issued warrant. He had returned to the US unaware of a sealed 13-count indictment waiting for him.
After his arrest, he was granted bail on $20,000 with strict conditions, including the surrender of both his US and Nigerian passports.
His US passport, number 562****44, and Nigerian passport, number A08****97, are now in federal custody pending sentencing.
Oloyede’s legal troubles have created turmoil in his hometown of Ipetumodu, where he was crowned Apetu in 2019.
His prolonged absence from the community, especially during major cultural and religious festivals such as Odun Egungun and Odun Edi, has left the royal stool virtually vacant for nearly a year.
Community elders and residents have voiced deep concerns over the lack of leadership and guidance traditionally offered by the monarch.
Local reports said Oloyede was declared missing in early 2024, only to be discovered in FBI custody in the US.
His dual role as a monarch and accountant who frequently travelled between Cleveland, Ohio and Nigeria made it easier to conceal his fraudulent activities over time.
And he initially denied his arrest and incarceration in the US after the news broke.
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