The Apetu of Ipetumodu, Oba Joseph Oloyede, has been arrested by the U.S. Federal Bureau of Investigation (FBI) over allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds
The Osun State traditional ruler, who was declared missing in March 2024, was later discovered in FBI custody and is now facing a 13-count indictment at the U.S. District Court for the Northern District of Ohio.
The indictment, filed on April 3, 2024, accuses Oba Oloyede and his associate, Edward Oluwasanmi, of conspiracy, wire fraud, and money laundering. He was arrested on May 4, 2024, following an issued warrant.
According to the FBI, Oba Oloyede orchestrated a scheme using six registered companies to fraudulently obtain relief loans meant to assist businesses affected by the COVID-19 pandemic.
During the pandemic, the U.S. government introduced financial relief programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) to support struggling businesses. However, investigators claim Oba Oloyede falsified documents to secure millions from these programs.
FBI records show that in June 2020 alone, he obtained over $100,000 in loans for four of his companies:
- Available Tax Services
- Available Tutors
- Available Financial
- Available Transportation
Further investigations revealed that in October 2021, he received:
- $500,000 for JO&A
- $500,000 for Available Transportation
Authorities also allege that Oba Oloyede assisted co-conspirators in securing fraudulent loans, charging them a percentage of the amounts received.
The traditional ruler now faces trial in the U.S., with legal experts anticipating a lengthy legal battle.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
 over allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds){kind=link}