Oba Joseph Olugbenga Oloyede, the traditional ruler of Ipetumodu in Osun State, Nigeria, has been ordered by a U.S. federal court to forfeit millions of dollars in assets and funds to the American government after pleading guilty to a multi-million dollar COVID-19 relief fraud scheme
The 62-year-old monarch, who also holds U.S. citizenship, was charged alongside fellow Nigerian-American Edward Oluwasanmi in April 2024. Both were accused of orchestrating a $4.2 million scam targeting the U.S. Small Business Administration’s COVID-19 relief programs.
According to legal documents obtained by Peoples Gazette, U.S. District Judge Christopher Boyko issued a Preliminary Order of Forfeiture on May 5, 2025, authorizing the government to seize assets tied to Oloyede. This followed a plea bargain agreement in which the monarch admitted guilt to 13 charges, including conspiracy to commit wire fraud, money laundering, and defrauding a federal program.
Among the forfeited assets are a residential property in Medina County, Ohio, purchased under his wife’s name, Sherri Oloyede, and $96,006.89 held in a JP Morgan Chase account under Joseph Oloyede and Associates Ltd. Both Mr. and Mrs. Oloyede waived their rights to contest the forfeiture as part of the plea deal, which also included waiving the right to appeal or seek restitution.
The fraudulent activities took place between April 2020 and February 2022 during the height of the pandemic, when the U.S. launched emergency relief programs such as the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL). Prosecutors said Oloyede exploited these programs by filing fake loan applications using six companies he owned or controlled. These included Joseph Oloyede & Associates, Available Transportation, Available Tax Services, Available Tutors, and Available Financial, along with additional shell entities.
In October 2021, JO&A received $500,000 in loans based on falsified tax and payroll records. Two days later, Available Transportation secured the same amount. In June 2020 alone, four of his businesses fraudulently obtained over $100,000. Beyond personal enrichment, Oloyede also filed fake applications for others, collecting commissions from each successful disbursement.
Altogether, prosecutors say Oloyede secured $1.7 million for his own companies and helped others obtain an additional $1.3 million. Oluwasanmi’s entities received another $1.2 million, bringing the total fraud to approximately $4.2 million.
Oba Oloyede was arrested on May 4, 2024, upon re-entering the U.S., unaware that a sealed 13-count indictment had been filed against him. He was later released on $20,000 bail under strict conditions, including the surrender of his Nigerian and U.S. passports, which remain in federal custody.
His arrest and conviction have caused uproar in his hometown of Ipetumodu, where he was installed as Apetu in 2019. His long absence from cultural and religious events like Odun Egungun and Odun Edi has left the community without traditional leadership. Reports say he was declared missing in early 2024 before it was discovered that he was in FBI custody.
Oloyede’s frequent travel between Nigeria and the U.S., where he worked as an accountant in Cleveland, allegedly allowed him to carry out the scheme undetected for years. Sentencing is expected to follow in the coming months.
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