Top Yoruba Monarch, Apetu of Ipetumodu, Joseph Oloyede, Detained By FBI Over $4.2Million COVID-19 Fraud
A Yoruba monarch from the Southwest region, the Apetu of Ipetumodu, Oba Joseph Oloyede, who was reported missing in March 2024, has been located in FBI custody.
He faces serious charges of defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
The monarch, who is also a U.S. citizen, is currently battling a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio.
According to U.S. court documents, Oloyede was arrested on May 4, 2024, following the issuance of a warrant for his apprehension.
The FBI accuses him of orchestrating a fraudulent scheme through his six registered companies, securing loans intended for struggling businesses during the COVID-19 pandemic.
In 2020, the U.S. government introduced financial aid programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) to support businesses affected by the pandemic.
Applicants were required to submit tax records, wage statements, and other financial documents to prove their eligibility.
However, investigations revealed that Oloyede allegedly falsified these documents and misappropriated the funds for personal expenses, in violation of federal law.
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FBI records indicate that in June 2020 alone, Oloyede secured over $100,000 in loans for four of his six companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation.
On October 7, 2021, he obtained a $500,000 loan for JO&A, followed by another $500,000 loan two days later for Available Transportation.
Further investigations suggest that the monarch, an accountant by profession, also assisted co-conspirators in executing similar fraudulent schemes, charging them a percentage of the loan amount upon disbursement.
Additionally, he is alleged to have submitted falsified PPP and EIDL loan applications under the names of his associates and their businesses, securing approximately $1.3 million through these fraudulent applications, bringing the total amount obtained through the scheme to at least $4.2 million.
“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.
On April 3, 2024, a federal grand jury in the U.S. District Court for the Northern District of Ohio indicted Mr. Oloyede and Edward Oluwasanmi on charges of conspiracy, wire fraud, and money laundering.
Prosecutors allege that between April 2020 and February 2022, the two fraudulently obtained over $4.2 million in COVID-19 relief funds guaranteed by the U.S. Small Business Administration (SBA) under the CARES Act.
According to the indictment, Oloyede and Oluwasanmi submitted falsified applications for Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans, misrepresenting information about their businesses. They also provided fraudulent tax and wage documents to support these applications.
Oloyede allegedly secured approximately $1.7 million for his own businesses and an additional $1.3 million by submitting falsified applications on behalf of co-conspirators. Meanwhile, Oluwasanmi reportedly obtained around $1.2 million for his entities.
The case is being investigated by the FBI, the 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.
Crowned in 2019 as the Apetu of Ipetumodu, Oloyede frequently traveled between Nigeria and the U.S. to manage both his royal and personal affairs. However, his extended absences left the royal stool of Ipetumodu vacant for nearly a year, sparking concerns among the community, particularly as he missed three major traditional festivals, including the annual Odun Egungun and Odun Edi.
This case remains under active investigation by federal authorities.
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