The Apetu of Ipetumodu in Osun State, Oba Joseph Oloyede, has been sentenced to more than four years in prison in the United States.
Oloyede, 62, who holds dual citizenship of Nigeria and the U.S. and resides in Medina, Ohio, was on August 26 sentenced to 56 months in prison by U.S. District Judge Christopher A. Boyko.
In a statement on Tuesday, the U.S. Attorney’s Office for the Northern District of Ohio said the monarch was also ordered to serve three years of supervised release after completing his jail term and to pay $4,408,543.38 in restitution.
“He also forfeited his Medina home on Foote Road, which he had acquired with proceeds of the scheme, and an additional $96,006.89 in fraud proceeds investigators had seized,” the statement read.
The U.S. Attorney’s Office said Oloyede led a conspiracy to exploit COVID-19 emergency loan programmes created for struggling businesses.
“From about April 2020 to February 2022, Oloyede and his co-conspirator, Edward Oluwasanmi, conspired to submit fraudulent applications for loans that were made available through the U.S. Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act,” the statement read.
SaharaReporters had earlier reported how the monarch was arrested for defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
It was gathered that the Nigerian monarch, also a U.S. citizen faced a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio.
According to U.S. court documents, Mr. Oloyede was arrested on May 4, 2024, after a warrant was issued for his apprehension.
The FBI accused him of orchestrating a fraudulent scheme through his six registered companies, obtaining loans meant 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.
However, loan applicants were required to submit tax records, wage statements, and other financial documents proving their eligibility.
Meanwhile, investigations revealed that Mr. Oloyede allegedly falsified these documents and misused the funds for personal expenses, in violation of federal law.
FBI records show that in June 2020 alone, Mr. 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 received 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, 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.
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