The United States Federal Bureau of Investigation (FBI) has arrested Joseph Oloyede, the Apetu of Ipetumodu.
This traditional ruler from Osun State, Nigeria, faces charges of conspiracy, wire fraud, and money laundering.
Since ascending the throne in 2019, Oloyede frequently travels between Nigeria and the United States for royal and personal commitments.
Nevertheless, his prolonged absences and neglect to attend crucial traditional events in Ipetumodu have raised concerns among local residents.
Reports reveal that he missed three significant cultural celebrations, including the annual Egungun Festival and the Edi celebration.
Consequently, his throne remained vacant for nearly a year, creating a noticeable absence in the community.
Moreover, a statement from the U.S. Department of Transportation disclosed that a grand jury indicted Oloyede along with Edward Oluwasanmi.
They allegedly participated in a scheme to fraudulently acquire over $4.2 million in COVID-19 relief funds.
The funds were guaranteed by the U.S. Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
This included funds from the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs).
According to the indictment, between April 2020 and February 28, 2022, Oloyede and Oluwasanmi submitted fraudulent applications for PPP and EIDL loans.
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The applications reportedly contained false information about entities under their control.
They also allegedly provided falsified tax and wage documents to support their claims.
Oloyede personally received $1.7 million in SBA funds designated for businesses he controlled, while Oluwasanmi obtained $1.2 million.
Additionally, Oloyede faces accusations of submitting falsified loan applications for other co-conspirators and their businesses, securing an extra $1.3 million through these fraudulent activities.
The duo allegedly secured over $4.2 million through their scheme. Authorities are currently investigating their financial dealings closely.
On April 5, 2024, U.S. officials took Oloyede and Oluwasanmi into custody.
Moreover, the investigation involves collaboration with the FBI and the IRS Criminal Investigation division.
This development marks a significant legal challenge for Oloyede, whose role as a traditional ruler has already been under scrutiny due to his prolonged absences from Ipetumodu.
The case also underscores ongoing efforts by U.S. authorities to address fraud related to COVID-19 relief programs.
As investigations continue, further details are expected to emerge regarding the extent of the alleged scheme and its impact on those involved.
