Osun Monarch Jailed 56 Months US COVID-19 Fraud

Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State and a dual Nigerian-American citizen, was sentenced to 56 months in prison by a U.S. District Judge Christopher A. Boyko for orchestrating a $4.2 million COVID-19 relief loan fraud. Oloyede and his co-conspirator, Edward Oluwasanmi, submitted fraudulent loan applications under the U.S. Small Business Association's emergency programs created during the pandemic, including the Paycheck Protection Program and Economic Injury Disaster Loan. In addition to imprisonment, Oloyede was ordered to pay over $4.4 million in restitution, forfeit his Medina, Ohio home purchased with the fraud proceeds, and pay a $195,000 penalty to the IRS. The court acknowledged Oloyede's intelligence but noted his poor judgment, and his sentence was mitigated due to health issues. Following his sentencing, the Osun State government is considering deposing him from his traditional role. The case highlights the exploitation of federal pandemic relief programs and the legal consequences for those involved.