“COVID-19 Pandemic Drove Me to $4.2m Fraud, Osun Monarch Apetu of Ipetumodu Tells US Court”
The Apetu of Ipetumodu, Oba Joseph Oloyede, has pleaded guilty to a $4.2 million COVID-19 relief fraud scandal in the United States. According to court filings, Oloyede used six companies to file fraudulent loan applications under the US Paycheck Protection Programme and Economic Injury Disaster Loan schemes.
Oloyede’s lawyers argue that the COVID-19 pandemic was a significant factor that led him to commit the crime, citing concerns about pre-existing health problems potentially becoming fatal if he contracted the virus. They also highlighted his clean record and contributions to society, working as an adjunct professor and banker before returning to Nigeria to become the Apetu of Ipetumodu in July 2019.¹
Key Details of the Case:
– Amount Involved: $4.2 million in COVID-19 relief funds
– Charges: Conspiracy to commit wire fraud, wire fraud, conspiracy to defraud, money laundering, and related offenses
– Plea: Guilty plea entered by Oloyede
– Sentence: Scheduled for August 26, 2025
– Consequences:* Faces possible prison sentence and has already had a Medina County property in Ohio and over $96,000 seized from one of his company’s bank accounts
Oloyede’s prolonged absence from his kingdom in Osun State, Nigeria, has raised concerns about succession and the vacuum created by his ordeal.
