Oba Joseph Olugbenga Oloyede, the Apetu of Ipetumodu in Osun State, has been sentenced to 56 months in prison for his role in a fraudulent scheme that siphoned over $4.2 million in COVID-19 relief funds. The sentence was handed down by U.S. District Judge Christopher A. Boyko on August 26, 2025.
The 62-year-old monarch, who holds dual U.S. and Nigerian citizenship, was also ordered to pay restitution of $4.4 million, serve three years of supervised release after his imprisonment, and forfeit his Medina, Ohio home along with additional fraud proceeds totaling $96,000. Oloyede’s involvement in the fraudulent scheme spanned nearly two years, from April 2020 to February 2022, exploiting the U.S. Small Business Administration’s COVID-19 loan programs.
According to the U.S. Attorney’s Office for the Northern District of Ohio, Oloyede conspired with Edward Oluwasanmi, 62, to submit fraudulent applications for loans under the U.S. government’s Coronavirus Aid, Relief, and Economic Security (CARES) Act. The duo manipulated the system to secure funds intended for struggling businesses, acquiring approximately $1.2 million for Oluwasanmi’s companies and $1.7 million for Oloyede’s.
Beyond the fraudulent loan applications, Oloyede, a tax preparer by profession, used his clients’ names to submit Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) applications, charging them 15-20% kickbacks for securing the loans. These funds were used for personal gain, including purchasing land, a luxury vehicle, and building a home. In total, Oloyede was responsible for the approval of 38 fraudulent loan applications, amounting to $4.2 million in disbursed funds.
Oluwasanmi, his co-conspirator, was sentenced earlier this year to 27 months in prison and ordered to pay over $1.2 million in restitution. Both individuals operated several businesses and used fraudulent information to exploit the COVID-19 relief programs, ultimately depriving legitimate businesses of vital financial support during the pandemic.
The case has been highlighted as an example of the growing issue of pandemic-related fraud, with investigations conducted by the Department of Transportation Office of the Inspector General, the FBI Cleveland Division, and IRS-Criminal Investigations, in collaboration with the Pandemic Response Accountability Committee Fraud Task Force.
