The Apetu of Ipetumodu in Osun State, Joseph Oloyede, is currently in the custody of the Federal Bureau of Investigation (FBI) following his indictment for conspiracy, wire fraud, and money laundering.
Oloyede, who was installed as the traditional ruler of Ipetumodu in 2019, frequently travelled between Nigeria and the United States for both royal and personal engagements.
However, he has been missing for nearly a year and was notably absent from three major traditional festivals, including the annual Egungun Festival and the Edi Celebration.
The United States Department of Transportation has now confirmed Oloyede’s indictment alongside one Edward Oluwasanmi.
According to the statement, the two fraudulently obtained over $4.2 million in COVID-19 relief funds through the U.S. Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The funds were secured via Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs).
Court documents revealed that both men were arrested on April 5, 2024.
The indictment alleges that between April 2020 and February 28, 2022, Oloyede and Oluwasanmi submitted falsified tax and wage documents in their PPP and EIDL applications to fraudulently secure funds.
“Oloyede received $1.7 million, while Oluwasanmi received $1.2 million in SBA funds for their businesses. In total, Oloyede fraudulently obtained approximately $1.3 million through these applications, bringing the total fraudulent sum to at least $4.2 million,” the statement read.
The FBI and the Internal Revenue Service (IRS) Criminal Investigation unit say they are actively handling the case in collaboration with other U.S. authorities.
