Yoruba monarch Joseph Oloyede allegedly arrested by FBI over $4.2 million COVID-19 fraud

• The Apetu of Ipetumodu, Oba Joseph Oloyede, has been found in FBI custody after going missing in March 2024
• He is facing a 13-count indictment at the U.S. District Court for allegedly defrauding the U.S. government of COVID-19 relief funds
• His absence has left the royal stool vacant for nearly a year, raising questions about the town’s next steps if he is convicted

The Apetu of Ipetumodu, Oba Joseph Oloyede, who mysteriously disappeared in March 2024, has allegedly been found in Federal Bureau of Investigation (FBI) custody, facing serious allegations of defrauding the United States government of $4.2 million in COVID-19 relief funds.

The Nigerian monarch, who also holds American citizenship, is currently battling a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio. 

His prolonged absence has left the royal stool of Ipetumodu vacant for nearly a year, raising concerns among residents. 

He notably missed three major traditional festivals, including the annual Odun Egungun and Odun Edi celebrations.

Arrest, allegations against Apetu

Mr Oloyede, who resided in Cleveland, Ohio, was arrested on May 4, 2024, following a warrant issued by the U.S. District Court. 

The FBI alleges that he orchestrated a fraudulent scheme through six registered businesses to obtain loans meant to support struggling businesses during the COVID-19 pandemic.

To cushion the economic impact of the pandemic, the U.S. government introduced financial aid programmes, such as the Economic Injury Disaster Loan (EIDL). 

These funds were designated for business expenses like payroll, fixed debts, and other operational costs. 

Loan applicants were required to submit tax returns, wage statements, and other documents to prove financial hardship.

However, the FBI discovered that Mr. Oloyede falsified these documents and misused the funds for personal expenses, violating federal laws.

Apetu Oloyede's fraudulent loan transactions

Investigations revealed that in June 2020 alone, Mr. Oloyede secured over $100,000 in loans for four of his companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation.

Further records show that on October 7, 2021, he received a $500,000 loan for his company, JO&A. Just two days later, he obtained another $500,000 for Available Transportation.

Additionally, the indictment, filed on April 3, 2024, states that Mr. Oloyede assisted others in executing similar fraudulent schemes, charging them a percentage of the loan amounts they received.

“Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information,” the indictment reads.

Unaware of his indictment, Mr. Oloyede left Nigeria and returned to the U.S., where his family resides. Shortly after his arrival, the FBI apprehended him.

Crowned as the Apetumodu in 2019, Mr. Oloyede frequently travelled between Nigeria and the U.S. to balance his royal duties with his personal life.

Although, It remains unclear whether the people of Ipetumodu were aware of the charges against their monarch or if they will decide to select a new ruler should he be found guilty and sentenced to prison.

FBI arrests new Ogbaru LGA Chairman, Nwadialo in Texas over alleged $3.3 million romance scam

Meanwhile, TheRadar earlier reported that Franklin Ikechukwu Nwadialo, the newly elected chairman of Ogbaru Local Government Area in Anambra State, was arrested upon arrival at a Texas airport in the United States on charges related to a multi-million-dollar romance fraud scheme.

Nwadialo, who was indicted in December 2023 by the U.S. Attorney’s Office for the Western District of Washington, faces 14 counts of wire fraud. The defendant allegedly scammed victims out of up to $2 million by posing as a romantic partner deployed in the U.S. military.