The Apetu of Ipetumodu, Joseph Oloyede, has been arrested by the United States Federal Bureau of Investigation (FBI) after being indicted on charges of conspiracy, wire fraud, and money laundering.
Oloyede, who ascended the throne in 2019, frequently traveled between Nigeria and the U.S. for what he described as royal and personal engagements. However, his prolonged absence left the Ipetumodu throne vacant for nearly a year, causing concern among residents. He reportedly missed three major traditional festivals, including the annual Egungun Festival and the Edi Celebration.
According to a statement from the U.S. Department of Transportation, a federal grand jury indicted Oloyede alongside Edward Oluwasanmi for fraudulently obtaining over $4.2 million in COVID-19 relief funds meant for struggling businesses under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Between April 2020 and February 2022, Oloyede and Oluwasanmi allegedly submitted Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) using falsified documents. They reportedly manipulated tax records and wage statements to secure funding for businesses under their control.
Oloyede allegedly received $1.7 million in fraudulent SBA funds.
Oluwasanmi obtained $1.2 million.
An additional $1.3 million was secured through fraudulent applications filed under the names of co-conspirators.
The indictment further alleges that Oloyede, an accountant by profession, assisted others in executing similar fraud schemes, charging a percentage of the loan amount upon disbursement.
The U.S. Attorney’s Office for the Northern District of Ohio confirmed that both men face charges of conspiracy to commit wire fraud, wire fraud, and money laundering. The case is being handled by the FBI, the Internal Revenue Service Criminal Investigation (IRS-CI), and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG) under the Pandemic Response Accountability Committee (PRAC) Fraud Task Force.
Oloyede was arrested on May 4, 2024, after a warrant was issued for his apprehension.
The case has raised serious concerns both in the U.S. and in Nigeria, where residents of Ipetumodu are left questioning the fate of their traditional leadership.
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