CONTROVERSY SURROUNDS ABSENCE OF OSUN MONARCH, OBA JOSEPH OLOYEDE, APETU OF IPETUMODU, AMID U.S. $4.2 MILLION FRAUD INDICTMENT
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For nearly a year, the Apetu of Ipetumodu, Oba Joseph Olugbenga Oloyede, has been absent from his kingdom in Osun State. Speculation surrounding his disappearance has intensified following his indictment by the U.S. Attorney’s Office in April 2024. Oba Oloyede, aged 61, was charged with fraudulently obtaining $4.2 million in COVID-19 relief funds as part of a scheme involving the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The monarch, who ascended to the throne in 2019, is also a former accountant and systems analyst based in the United States. Prior to his coronation, he had frequently visited the U.S., where he worked for many years. His sudden departure for America in March 2024, just before the indictment was released, has led to widespread rumors that he may be the same Joseph Oloyede facing serious legal charges in the U.S. However, as the U.S. legal system emphasizes, an indictment is merely an accusation and does not equate to guilt.
According to the U.S. Department of Justice, a federal grand jury in Cleveland has returned a 13-count indictment against Oloyede and his associate, Edward Oluwasanmi, also 61, for their alleged roles in a fraudulent scheme to obtain $4.2 million in relief funds guaranteed by the U.S. Small Business Administration (SBA). The charges include conspiracy to commit wire fraud, wire fraud, and money laundering.
The indictment alleges that from around April 2020 to February 2022, Oloyede and Oluwasanmi submitted false applications for loans under the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP), using fabricated tax and wage documents. The two men reportedly obtained approximately $1.2 million for Oluwasanmi’s entities and $1.7 million for Oloyede’s, in addition to $1.3 million through fraudulent applications filed under other co-conspirators’ names.
If convicted, the defendants face penalties determined by the court, which will consider factors such as the nature of the offense and the defendants’ roles in the crime.
As the controversy unfolds, residents of Ipetumodu are left in uncertainty about their monarch’s involvement in the case, while the legal process in the U.S. continues. The investigation was led by the U.S. Department of Transportation – Office of Inspector General (OIG) and the FBI, with prosecution by Assistant U.S. Attorney Edward Brydle.
The case highlights concerns over fraud in pandemic relief programs, as authorities crack down on those who exploited the economic crisis for personal gain.
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