Joseph Oloyede, the Apetu of Ipetumodu in Osun State, Nigeria, has been arrested by the United States Federal Bureau of Investigation (FBI) following charges of conspiracy, wire fraud, and money laundering. The 2019-crowned monarch is accused of fraudulently obtaining over $4.2 million in COVID-19 relief funds under the U.S. Small Business Administration (SBA).
According to a statement from the U.S. Department of Transportation, Oloyede and his co-defendant, Edward Oluwasanmi, allegedly used false information to apply for Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) from April 2020 to February 2022. They are accused of submitting falsified tax and wage documents to support their loan applications. Oloyede reportedly received $1.7 million in SBA funds, while Oluwasanmi received $1.2 million.
The indictment also reveals that Oloyede used fake names and businesses to apply for additional loans, bringing his total fraudulent gain to at least $4.2 million. As an accountant by profession, Oloyede reportedly assisted other co-conspirators in executing similar fraudulent schemes, taking a percentage of the loan amounts in return.
His prolonged absence from Ipetumodu raised concerns, as he missed three major traditional festivals, including the annual Egungun Festival and Edi Celebration. The arrest of Oloyede was made after a warrant was issued on May 4, 2024. The investigation, which involved the FBI, Internal Revenue Service, and the U.S. Department of Transportation’s Office of Inspector General, is part of the Pandemic Response Accountability Committee’s Fraud Task Force.
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