Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State has been sentenced to 4 years and 6 8 months in prison for COVID-19 loan fraud in the United State.
The 62 year old monarch who holds dual citizenship of Nigerian and U.S, was on August 26 sentenced by U.S. District Judge Christopher A. Boyko.
According to a statement from the U.S. Attorney’s Office for the Northern District of Ohio, the monarch will also serve three years of supervised release and pay $4.4 million in restitution. “He also forfeited his Medina home on Foote Road, which he had acquired with proceeds of the scheme, and an additional $96,006.89 in fraud proceeds investigators had seized,” the statement said.
Prosecutors said Oloyede conspired with Edward Oluwasanmi to exploit emergency loan programmes meant for struggling businesses.
“From about April 2020 to February 2022, Oloyede and his co-conspirator… conspired to submit fraudulent applications for loans that were made available through the U.S. Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act,” the Attorney’s Office noted.
Court documents show Oloyede was arrested on May 4, 2024, following a 13-count indictment. The FBI accused him of using 6 registered companies to obtain loans fraudulently, falsifying documents, and diverting the funds for personal use.
