“From Throne to Prison” – US Sentences Osun Monarch Oba Oloyede for $4.2M COVID-19 Relief Fraud

A U.S. court has sentenced the Apetu of Ipetumodu in Osun State, Oba Joseph Olugbenga Oloyede, to 56 months in prison for defrauding COVID-19 relief funds totalling $4.2 million.

Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio handed down the sentence on Tuesday, also ordering Oba Oloyede to pay over $4.4 million in restitution and forfeit assets linked to the fraudulent scheme.

According to the U.S. Attorney’s Office, Oloyede pleaded guilty to six charges, including conspiracy to commit wire fraud, money laundering, and filing false tax returns. Investigators revealed that between April 2020 and February 2022, Oloyede and his associate, 62-year-old Edward Oluwasanmi, exploited federal relief programs meant to mitigate the economic impact of the pandemic.

Using multiple businesses and the identities of tax clients, the duo submitted dozens of fraudulent applications under the Paycheck Protection Programme (PPP) and Economic Injury Disaster Loan (EIDL) schemes. The court found that Oloyede personally gained around $1.7 million, while Oluwasanmi obtained $1.2 million. Additionally, Oloyede collected kickbacks of up to 20 percent from fraudulent loans taken out in the names of his tax clients.

Prosecutors noted that the monarch used the illicit funds to buy land, construct a house, and purchase a luxury vehicle. He has since forfeited his Medina, Ohio home and nearly $100,000 in seized fraud proceeds. Oluwasanmi was previously sentenced in July 2024 to 27 months in prison, alongside a $15,000 fine and restitution exceeding $1.2 million.

The fraud, tied to at least 38 false loan applications, was uncovered through investigations by the FBI, IRS–Criminal Investigations, and the U.S. Department of Transportation Office of the Inspector General, under the Pandemic Response Accountability Committee Fraud Task Force.