US court jails prominent Nigerian monarch
Joseph Oloyede, a dual American and Nigerian citizen and traditional ruler of Ipetumodu in Osun State, Nigeria, was on Tuesday sentenced to 56 months (4 years and 8 months) in prison by U.S. District Judge Christopher A. Boyko in Cleveland, Ohio, for his role in a $4.2 million COVID-19 relief fraud scheme.
Oloyede, 62, pleaded guilty in April 2025 to one count of Conspiracy to Commit Wire Fraud, three counts of Engaging in Monetary Transactions in Criminally Derived Property, and two counts of Making and Subscribing a False Tax Return.
The scheme involved submitting fraudulent applications for loans and grants from the U.S. Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, specifically the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. These programs were designed to assist small businesses facing economic hardship due to the COVID-19 pandemic.
From approximately April 2020 to February 2022, Oloyede, along with his co-conspirator Edward Oluwasanmi, submitted applications using false information through businesses they owned.
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Oloyede, who operated as a tax preparer and owned five businesses and one nonprofit, obtained approximately $1.7 million in SBA funds for his entities. He also submitted fraudulent PPP and EIDL applications in the names of his clients and their businesses, receiving a 15-20% kickback of the loan amounts, which he failed to report as income to the IRS.
In total, Oloyede caused the SBA to approve 38 fraudulent applications, resulting in $4,213,378 in disbursed loans and advances. Funds obtained from the scheme were used to acquire land, build a home, and purchase a luxury vehicle.
In addition to the prison sentence, Oloyede was ordered to serve three years of supervised release and pay $4,408,543.38 in restitution.
He also forfeited his Medina home, which was acquired with fraud proceeds, and an additional $96,006.89 in seized fraud proceeds.
His co-conspirator, Edward Oluwasanmi, was sentenced in July 2024 to 27 months in prison, three years of supervised release, a $15,000 fine, and ordered to pay over $1.2 million in restitution. Oluwasanmi also forfeited a commercial property and over $600,000 transferred to financial accounts.
The investigation was conducted by the U.S. Department of Transportation-Office of the Inspector General, the FBI Cleveland Division, and IRS-Criminal Investigations, as part of the Pandemic Response Accountability Committee Fraud Task Force.
Prosecutors successfully moved to dismiss several counts of the indictment, reducing his potential exposure to decades behind bars.
Oloyede’s attorneys argued for leniency, citing the impact of the COVID-19 pandemic and his previously clean record.
Oloyede, who had lived in the U.S. since the late 1990s and worked as a banker and adjunct professor, was crowned Apetu of Ipetumodu in July 2019.
His prolonged absence due to his arrest and conviction has left a vacuum in the traditional leadership of Ipetumodu.
