For his involvement in a huge $4.2 million COVID-19 relief scam, Osun monarch Oba Joseph Olugbenga Oloyede, the Apetu of Ipetumodu, was given a 56-month prison sentence in the United States.
Following the revelation by U.S. prosecutors that he and his accomplice, Edward Oluwasanmi, had orchestrated a scheme to defraud government programs intended to assist small businesses during the pandemic, the Nigerian traditional ruler was found guilty. The pair submitted 38 fraudulent loan applications under the Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) between April 2020 and February 2022, cashing out millions of dollars.
According to court records, Oloyede, who was also a tax preparer in the United States, kept hefty kickbacks from applicants while neglecting to disclose the money to the appropriate tax authorities. Investigators found that the monarch built a house, bought land, and even bought a fancy car with the stolen money.
Judge Christopher A. Boyko of the Northern District of Ohio imposed a $4.4 million restitution order on Oloyede at the sentencing. Along with an additional $96,000 linked to fraud proceeds, his Medina, Ohio, home was seized. Following his jail sentence, he will also be on supervised release for three years.
Oluwasanmi, his co-conspirator, had previously been given a 27-month prison sentence and mandated to pay back $1.2 million.
