Royal Scandal! Nigerian King Sentenced In America For $4.2M Covid-19 Fraud

The Apetu of Ipetumodu, Osun State, Oba Joseph Oloyede, has been sentenced to over four years in a U.S. prison for his role in a multi-million-dollar COVID-19 loan fraud scheme.....KINDLY READ THE FULL STORY HERE▶

The 62-year-old monarch, who holds dual U.S. and Nigerian citizenship and lives in Medina, Ohio, was convicted of conspiracy to exploit federal COVID-19 relief programs. On August 26, U.S. District Judge Christopher A. Boyko sentenced him to 56 months in prison, followed by three years of supervised release, and ordered him to repay $4,408,543.38 in restitution.

In addition, Oloyede forfeited his Medina residence on Foote Road—purchased with fraudulent funds—and $96,006.89 in seized proceeds.

According to the U.S. Attorney’s Office for the Northern District of Ohio, Oloyede and his co-conspirator, Edward Oluwasanmi, between April 2020 and February 2022, submitted multiple fraudulent applications for loans under the U.S. Small Business Administration (SBA) programs created through the CARES Act.

Both men had pleaded guilty to wire fraud and tax fraud earlier this year. Investigations revealed that they funneled over $4.2 million in pandemic relief funds by operating several sham businesses and nonprofits.

Oloyede personally caused the SBA to approve 38 fraudulent applications, worth approximately $4.2 million, prosecutors said. He also filed fake applications on behalf of some clients in exchange for a 15–20% cut of their loan amounts, which he failed to declare to the IRS.

Prosecutors disclosed that the monarch used the illicit funds to buy land, build a home, and purchase a luxury car.