A Nigerian traditional ruler, the Apetu of Ipetumodu, Oba Joseph Oloyede, who had been declared missing since March 2024, has been located in the custody of the U.S. Federal Bureau of Investigation (FBI).
The monarch is currently facing a 13-count indictment in the U.S. District Court for the Northern District of Ohio over allegations of defrauding the American government of $4.2 million in COVID-19 relief funds.
According to court documents, Oloyede, who is also a U.S. citizen, was arrested on May 4, 2024, following a warrant issued for his apprehension.
Authorities accuse him of orchestrating a fraudulent scheme through six registered businesses, unlawfully securing loans intended to support struggling enterprises during the pandemic.
The fraud allegedly involved submitting falsified documents, including tax and wage records, to obtain funds from the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program—both financial relief initiatives introduced in 2020.
Investigations revealed that instead of using the funds for legitimate business needs, Oloyede allegedly diverted them for personal expenses.
In June 2020 alone, the FBI claims he secured over $100,000 in loans for four of his companies—Available Tax Services, Available Tutors, Available Financial, and Available Transportation. He later received $500,000 each for JO&A and Available Transportation in October 2021.
Further inquiries suggest that Oloyede, an accountant by profession, assisted co-conspirators in executing similar fraudulent schemes, allegedly taking a commission from the loan disbursements.
Prosecutors assert that between April 2020 and February 2022, he and his associate, Edward Oluwasanmi, fraudulently obtained over $4.2 million in federal relief funds.
Oloyede is accused of personally acquiring $1.7 million for his businesses and another $1.3 million through falsified applications submitted on behalf of co-conspirators.
A federal grand jury indicted Oloyede and Oluwasanmi on April 3, 2024, on charges of conspiracy, wire fraud, and money laundering.
The case is being investigated by the FBI, the Internal Revenue Service Criminal Investigation (IRS-CI), 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 as the Apetu of Ipetumodu in 2019, Oloyede frequently travelled between Nigeria and the U.S.
However, his extended absence left the royal seat vacant for nearly a year, sparking concerns among his people.
His failure to attend key cultural events, including the Odun Egungun and Odun Edi festivals, further heightened suspicions about his whereabouts.
The case against the monarch continues to unfold, with U.S. authorities determined to prosecute those who exploited pandemic relief programs for personal gain.