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Top Nigerian Monarch, Apetu of Ipetumodu, Joseph Oloyede, Detained By FBI Over $4.2Million COVID-19 Fraud
Top Nigerian Monarch, Apetu of Ipetumodu, Joseph Oloyede, Detained By FBI Over $4.2Million COVID-19 Fraud

February 17, 2025

Oloyede is also alleged to have submitted falsified PPP and EIDL loan applications in the names of other co-conspirators and confederate borrowers and their businesses, obtaining approximately $1.3 through those applications, for a total of at least $4.2 million obtained through the fraud.


A Nigerian monarch from the Southwest region of the country, the Apetu of Ipetumodu, Oba Joseph Oloyede, who was reported missing in March 2024, has been found in FBI custody.

He is facing serious charges of defrauding the U.S. government of $4.2 million in COVID-19 relief funds.


It was gathered that the Nigerian monarch, also a U.S. citizen, is currently battling a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio.

According to U.S. court documents, Mr. Oloyede was arrested on May 4, 2024, after a warrant was issued for his apprehension.

The FBI accuses him of orchestrating a fraudulent scheme through his six registered companies, obtaining loans meant for struggling businesses during the COVID-19 pandemic.

In 2020, the U.S. government introduced financial aid programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) to support businesses affected by the pandemic.

However, loan applicants were required to submit tax records, wage statements, and other financial documents proving their eligibility.

Meanwhile, investigations revealed that Mr. Oloyede allegedly falsified these documents and misused the funds for personal expenses, in violation of federal law.

FBI records show that in June 2020 alone, Mr. Oloyede secured over $100,000 in loans for four of his six companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation. On October 7, 2021, he received a $500,000 loan for JO&A, followed by another $500,000 loan two days later for Available Transportation.



Further investigations suggest that the monarch, an accountant by profession, assisted co-conspirators in executing similar fraud schemes, charging them a percentage of the loan amount upon disbursement.

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



On April 3, 2024, a grand jury in the U.S. District Court for the Northern District of Ohio indicted Mr. Oloyede alongside Edward Oluwasanmi for conspiracy, wire fraud, and money laundering.



Prosecutors allege that from April 2020 to February 2022, the duo fraudulently obtained over $4.2 million in SBA-guaranteed relief funds.



Mr. Oloyede reportedly pocketed $1.7 million for his own businesses and another $1.3 million by submitting falsified applications for co-conspirators.



The investigation is being conducted by the FBI, Internal Revenue Service Criminal Investigation, and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG), under the Pandemic Response Accountability Committee (PRAC) Fraud Task Force.



Crowned in 2019, the Apetu of Ipetumodu frequently traveled between Nigeria and the U.S. to attend to both his royal and personal affairs.



His prolonged absence left the royal stool of Ipetumodu vacant for nearly a year, raising concerns among indigenes, particularly as he missed three major traditional festivals, including the annual Odun Egungun and Odun Edi.



DOT-OIG, as part of the PRAC Fraud Task Force, is conducting this investigation with the Federal Bureau of Investigation and Internal Revenue Service Criminal Investigation.

In April 2024, a federal grand jury in Cleveland returned a 13-count indictment charging two individuals including Oloyede for their alleged roles in a scheme to fraudulently obtain approximately $4.2 million in COVID-19 relief funds guaranteed by the U.S. Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Oloyede, 61, of Medina, Ohio and Edward Oluwasanmi, 61, of Willoughby, Ohio were charged with conspiracy to commit wire fraud, wire fraud, and money laundering offenses.

According to the indictment, disclosed in a release by the U.S. Attorney's Office, Northern District of Ohio, from in or around April 2020, and continuing through on or about February 28, 2022, Oloyede and Oluwasanmi devised a scheme to defraud the SBA and financial institutions by obtaining COVID-19 relief funds from the SBA’s Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP) under false pretenses.

The indictment states that Oloyede and Oluwasanmi submitted PPP and EIDL loan applications containing false information for entities under their control and submitted falsified tax and wage documents to support these applications.

The indictment alleges that they obtained approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities.

Oloyede is also alleged to have submitted falsified PPP and EIDL loan applications in the names of other co-conspirators and confederate borrowers and their businesses, obtaining approximately $1.3 through those applications, for a total of at least $4.2 million obtained through the fraud.

https://saharareporters.com/2025/02/17/top-nigerian-monarch-apetu-ipetumodu-joseph-oloyede-detained-fbi-over-42million-covid-19

State name: Anambra

Motto: Home of bad news.

GEJ that nearly assassinate Rotimi Amechi on live broadcast, or Jonathan that make the Rep members including their speaker Aminu Tambuwal to jump fence

hkidola00:
jonathan dont bully, you lie for there

Umbrella party can never change

They're all fighting for their right. I like Meranda swagger.

Power doesn't come cheap or free, you must fight for it, grab it and run.

If you think anyone will dash you power, then you never ready.

Obasa VS Sanwo-Olu, interesting days ahead.

I repeat you be small pinkin. For everything you listed the people you're trying to praise are doing worst.

Blazetrailer:
Lol....rubbish talk...straws...straws

1....but they dont have an ex-narcotics bagman and a certificate figer as their Prime minitser

2. They dont have a man with a case stealings billions of pounds as their head of parliament

3. They dont have and ex convict like Orji Kalu voted back to their parliament to be making laws for law abiding citizens

4. They dont have a man caught on video stuffing USD in his babariga determining their political future

5. They dont have the NSA and EFCC chairman, supposedly expected to fight corruption asking for bribes from a detained suspect

6. They dont have their parliamentarians asking fornbribe up and down from a detained suspect

7. They don't have their parliamentarians asking for bribes before education budget is passed

8. They don't have a ex minister caught steaing funds within 6 months in office parading up and down with police escort instead of cooling down in the EFCC gulag

9. They dont have ex governors with serious corruption cases becoming Minister of defence

10. They dont have a man that was deemed an ibternstional criminal for helping a dictator loot national treasury become the minster of budgeting

11. Etc...etc...etc


Who is the kid here....mugu!!


.

Forget, they're all Tinubu loyalists. Jagaban is just looking away for now.

MadamExcellency:
This nonsense can't happen without Mr President's signature.

Small children like you would rather listen to outsiders to define your own country.
Who is fantastically corrupt than the royal family of the UK? Do you know how many countries they stole from to weave the crown King of England is using?

Blazetrailer:
Nigeria....glorious??...

E be like this guy never comot for his village...

A country that is regarded as "fantastically corrupt" and a "shithole" by world leaders in private discussions?

That is more than black, my friend.

You called me out when I am the first to comment? Look around and see my comments on different post concerning the lady.

Cc: padipadi, the whole issue is really disturbing.

SeverusSnape:
He didn't say anything until I called him out. The guy is an unrepentant ronu tribalist.

I sincerely like the way Jagaban is not saying anything concerning this issue. While we are growing up, at times when we are fighting especially we the male children, our parent will just be looking at us to do enough shege to each other.

I think this is what Tinubu is doing, he has tried his best and he will not be around forever.

I like the way the Speaker, Meranda is walking with confidence, such a great woman with balls made of steal.

Obasa should back to drawing board, the seat is gone for good.

The efulefu-fufu should face his fulani master, we are committed to Mazi 1, Eze Cownu Nnamdi, the gburugburu 1 of Kuje maximum inbox, we are happy with the sit at home.

We will teach Tinubu lessons he wont forget just as we do to Jubril Al Suddaniyu.

Sit at home continue. Mama Nkechi should serve me ofela soup with Garri

Ironically, the victims were Israeli tourists. And right after being shot, they took to social media chanting 'Death to Arabs.' You can't make this up.

This is the result of anti-Palestinian hate & indoctrination that sadly runs deep in Israel and pro-Israel communities in U.S.

BREAKING: Mordechai Brafman, 28, a pro-Israel fanatic, fired 17 shots at a father and son in Miami Beach, injuring both. Believing he had killed them, he smiled and told police, “I killed two Palestinians.”

Where was he radicalized? And where are the congressional hearings to address this rising hate against Palestinians and Arabs?

This must be a fake news The same Katsina they beat the APC aspirant some days ago Headache go grab some people tonight.

Nnamdi Kanu is a terrorist.

This is rubbish in 20th century. Anambra is a cosmopolitan city and law like this will affect the growth of the state.

A “new Nigeria is possible”.
crew will hide their empty heads.

This is serious.

emperor4love:
de play e get one I dey hear fr neighbourhood,de gee com bck from one europe via deportation, him na working boy time he de abroad but no see shishi, he go run matters,catch client a brazil living for state. Dey com package de woman head for one native man fr enugu, the woman com de pay ,the last she pay na 24 metres, aza man send 10 remain 14m ,say e no go send am, de go tender de aza man fr deity giv am deadline if he no send de remaining 14m, so bro juju dey nd dis yahoo guys are not smiling, na just get sure plug

Death can come at anytime. R. I. P to him.

Tinubu must contest to Tinubu will not win 2023 to Tinubu will not win 2027

Odin13:
Tor..

Anything you say..

Most important for Odin

By the grace of almighty

Tinubu won’t be the President of Nigeria.. after 2027..

Well noted.

Pa chukumdi, I never believe someday you will be hiding behind Arewa to air your opinion.

Odin13:
I’m not pa chukwudi.. he’s core Igbo that speaks for his tribe and proud of it

I’m odin from Arewa and lives in Arewa and you will observe aside all Tinubu paid and made politician no Arewa has any good for Tinubu

We already know you don’t trust a beyirebe.. but then they have proved it again and again

Let him pass the tax reform bill

Till then
He remains a noise maker and propagandist .. hardcore tribalistic imp

Shariah law must be activated for this judgement. They're both Muslim and justice must be served.

Unalive the bastard the same way he gruesomely unalive the beautiful lady.

Everything no be ogume brother.

Sonnobax15:

Asaba boys don go package ogume for him head...

Pa chukundi be a man enough and stop hiding behind new monikers. For complete 8 years you and your likes are cursing Buhari and Hausa but you suddenly turned to Hausa's spokesperson. Stay one place.

Odin13:
Exactly what sycophants told Jonathan… when they already knew the ship has sailed .

Tinubu’s case is even worst..

Question is will the governor returns ?

Hahahahahaha

They yorubaland . Com formerly nairaland love the kinda of news they choose to believe

Na dem staying in oyo and be telling us what’s happening in our local government here in Arewa and abusing us for staying reality

Dan banza… propagandist beyirebe

2027 presidential election is already a walk over for Jagaban.

He doesn't listen to anyone, doesn't believe that it is a scam. My family is afraid that he will be robbed, tortured, or murdered there.”


They're trying to paint our glorious country black just to convince the man not to come to marry the love of his life.