Oba Joseph Oloyede, the Apetu of Ipetumodu, who was reported missing in March 2024, has been located 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 holds dual citizenship in Nigeria and the United States, is currently facing a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio.
Oloyede’s disappearance had caused significant unrest in Ipetumodu, where his absence left the royal stool vacant for nearly a year. The town’s residents were particularly concerned after he missed three important traditional festivals, including the annual Odun Egungun and Odun Edi.
The 2024 arrest came after a warrant was issued by the U.S. District Court on May 4. FBI agents charged Oloyede with orchestrating a fraudulent scheme involving six of his companies, through which he allegedly secured loans intended to aid struggling businesses during the COVID-19 pandemic.
To address the economic fallout from the pandemic in 2020, the U.S. government allowed small business owners to apply for Economic Injury Disaster Loans (EIDL). These funds were designated for specific expenses, including payroll and other operational costs. Applicants were required to submit various financial documents to prove their businesses would not survive without external assistance.
The FBI’s investigation revealed that Oloyede not only falsified supporting documents for his loan applications but also diverted the funds for personal use, violating federal laws. In June 2020, he reportedly received over $100,000 in loans for four of his companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation.
On October 7, 2021, Oloyede was awarded a $500,000 loan for his company, JO&A, followed by another $500,000 loan for Available Transportation just two days later. Further investigations uncovered that Oloyede, who has a background in accounting, allegedly assisted co-conspirators in executing similar fraudulent schemes, charging a fee for his services.
The indictment, filed on April 3, 2024, stated: “Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information.”
Unaware of the charges against him, Oloyede traveled to the U.S. after leaving Nigeria, where he had been fulfilling his royal duties. Upon arrival, the FBI arrested him.
Crowned in 2019, Oba Oloyede frequently divided his time between Nigeria and the U.S., balancing his royal responsibilities with family visits. It remains unclear whether the people of Ipetumodu were aware of the serious allegations against their monarch, or if the town will appoint a new ruler should Oloyede be convicted and sentenced to prison.
