The Apetu of Ipetumodu, Oba Joseph Oloyede, has been arrested by the U.S. Federal Bureau of Investigation (FBI) in connection with a staggering $4.2 million COVID-19 relief fraud. His sudden disappearance in March 2024 had left his community in suspense, only for him to resurface in U.S. custody.
The embattled monarch, who holds dual Nigerian and American citizenship, is now facing a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio. His prolonged absence from the throne has disrupted traditional leadership in Ipetumodu, leaving major festivals like Odun Egungun and Odun Edi without royal participation.
Oba Oloyede was apprehended on May 4, 2024, following a court-issued warrant. Investigations revealed that he allegedly orchestrated a multi-million dollar scam, manipulating pandemic relief programs to his advantage. According to prosecutors, the monarch fraudulently secured loans using six registered companies to exploit the U.S. Economic Injury Disaster Loan (EIDL) program.
Court documents show that in June 2020, four of his businesses—Available Tax Services, Available Tutors, Available Financial, and Available Transportation—each received over $100,000 in relief funds. By October 2021, he had secured an additional $1 million through two separate $500,000 loans for JO&A and Available Transportation.
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As a professional accountant, Oloyede reportedly assisted co-conspirators in executing similar fraudulent schemes, allegedly taking a cut from every disbursed loan. However, his downfall came when U.S. authorities, who had been tracking his activities, intercepted him upon his return to the country, leading to his immediate arrest.
The revelation has sparked outrage in Ipetumodu, with community leaders expressing deep concern over the implications of the scandal. Many are questioning the fate of the traditional throne and the impact of this controversy on the town’s reputation.
With damning evidence stacked against him, the embattled king faces a tough legal battle in the United States. If convicted, he could serve a lengthy prison sentence, marking a dramatic fall from grace for the once-revered ruler.
