Oba Joseph Oloyede, the Apetu of Ipetumodu, has been discovered in FBI custody, facing serious charges of defrauding the U.S. government of $4.2 million in COVID-19 relief funds. The Nigerian monarch, who also holds American citizenship, has been indicted on 13 counts of fraud at the U.S. District Court for the Northern District of Ohio. His arrest comes after his mysterious disappearance in March 2024, which left the royal stool of Ipetumodu vacant for nearly a year, raising significant concerns among his subjects.
The Apetu’s absence has caused unrest, particularly as he missed several major traditional festivals, including the revered Odun Egungun and Odun Edi. His prolonged silence from the throne left many questioning his whereabouts, as the monarch was an influential figure both in Nigeria and the U.S.
Mr. Oloyede, based in Cleveland, Ohio, was apprehended on May 4, 2024, following the issuance of an arrest warrant by the U.S. District Court. The FBI alleges that the monarch orchestrated a fraudulent scheme through his six registered companies to secure COVID-19 relief loans intended for struggling businesses. These loans, part of the U.S. government's response to the economic fallout from the pandemic, were meant to help small businesses stay afloat by covering expenses such as payroll and fixed debts.
Applicants for these loans were required to submit supporting documents, including tax returns, wage statements, and evidence of financial hardship. However, the FBI discovered that Mr. Oloyede falsified many of the documents required for his loan applications and diverted the funds for personal use. In June 2020, for instance, he received over $100,000 in loans for four of his companies—Available Tax Services, Available Tutors, Available Financial, and Available Transportation.
The most alarming discovery came in October 2021, when Mr. Oloyede secured a $500,000 loan for his company, JO&A. Just two days later, he obtained another $500,000 loan for Available Transportation. Further investigations revealed that Oloyede, a trained accountant, also assisted others in executing similar fraudulent schemes, charging them a percentage of the loan disbursements.
The indictment, filed on April 3, 2024, outlines how Mr. Oloyede aided co-conspirators in submitting false information for both Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) applications.
Unaware of the charges against him, Oloyede traveled to the U.S. from Nigeria to visit his family. It was only after his return that the FBI took him into custody.
Crowned in 2019, the Apetu of Ipetumodu frequently divided his time between Nigeria and the U.S. for both royal duties and family visits. While it remains unclear whether the indigenes of Ipetumodu were aware of the fraud allegations, the implications of a guilty verdict could mean the town will have to select a new ruler in the event that Mr. Oloyede is convicted and sentenced to prison.
The scandal has shaken the community, raising questions about the integrity of the leadership and the future of the Ipetumodu monarchy. As the case unfolds, the eyes of both the Nigerian and American public remain fixed on the proceedings.
