United States federal court has sentenced the Apetu of Ipetumodu, Oba Joseph Olugbenga Oloyede, to 56 months in prison for his role in a multimillion-dollar COVID-19 relief fraud.
The 62-year-old monarch, who also holds American citizenship, was convicted of conspiring with an accomplice, Edward Oluwasanmi, to defraud the U.S. government of over $4.2 million through fraudulent applications for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).
According to prosecutors, Oloyede used five companies and a nonprofit to submit falsified loan applications between April 2020 and February 2022, while also preparing similar applications for clients in exchange for kickbacks. The funds were diverted to personal expenses, including a luxury car, land purchase, and the construction of a home in Medina, Ohio.
In addition to his prison term, Judge Christopher A. Boyko ordered Oloyede to forfeit his Ohio residence, return $96,000 seized during the investigation, and pay more than $4.4 million in restitution. He will also serve three years of supervised release after completing his jail term.
Oluwasanmi, his co-conspirator, was earlier sentenced to 27 months in prison and ordered to repay over $1.2 million.
U.S. authorities said the case was investigated by the FBI, IRS Criminal Investigations, and the Department of Transportation Office of Inspector General, under the Pandemic Response Accountability Committee’s Fraud Task Force.
Oba Oloyede, enthroned as the 27th Apetu of Ipetumodu in November 2019, was widely respected in Osun State until his arrest and conviction. The development has triggered shock and disappointment in his hometown, where the monarch was seen as a custodian of tradition and moral authority.
