The FBI has arrested 60-year-old Pastor Edward Abiodun Oluwasanmi for allegedly conspiring with the Apetu of Ipetumodu, Oba Joseph Oloyede, to defraud the U.S. government of $4.2 million in COVID-19 relief funds
According to U.S. authorities, Pastor Oluwasanmi submitted forged documents to obtain COVID-19 loans intended to support businesses affected by the pandemic. He allegedly used three companies—Dayspring Property Incorporated, Dayspring Holdings, and Dayspring Transportation—to secure millions of dollars, which he then diverted for personal use.
In April 2024, a grand jury in the U.S. District Court for the Northern District of Ohio indicted both Oluwasanmi and Oba Oloyede on charges of conspiracy, wire fraud, and money laundering. Prosecutors claim that between April 2020 and February 2022, the duo fraudulently obtained over $4.2 million in Small Business Administration (SBA)-guaranteed relief funds.
Pastor Oluwasanmi was arrested in Cleveland and later released on a $20,000 bail. The court ordered the confiscation of his U.S. and Nigerian passports to ensure compliance with legal proceedings. Authorities have also seized approximately $620,000 from his accounts, including $599,250 from a Fidelity Investments account and $20,000 from a Key Bank account.
Oba Joseph Oloyede, the traditional ruler of Ipetumodu in Osun State, was reported missing in March 2024 before being discovered in FBI custody. Investigators allege he orchestrated fraudulent loan schemes through six registered companies, securing multiple loans meant for struggling businesses.
In June 2020 alone, he reportedly obtained over $100,000 for four of his companies, followed by two $500,000 loans in October 2021. Prosecutors also claim he facilitated fraudulent loans for others, collecting a percentage of the disbursed funds.
The FBI is continuing its investigation, and prosecutors are seeking the forfeiture of all fraudulently acquired funds. The case is ongoing in U.S. federal court.
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Thieves everywhere