
A U.S. federal court has ordered Oba Joseph Olugbenga Oloyede, the traditional ruler of Ipetumodu in Osun State, to forfeit millions of dollars in assets and funds after pleading guilty to multiple charges linked to a \$4.2 million COVID-19 relief fraud scheme. The 62-year-old monarch, who also holds American citizenship, was indicted in April 2024 alongside Edward Oluwasanmi, another Nigerian-American, for defrauding the U.S. Small Business Administration during the pandemic.In a Preliminary Order of Forfeiture dated May 5, 2025, Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio authorized the seizure of assets tied to Oloyede.
These included a Medina County, Ohio property registered in his wife’s name and a JP Morgan Chase bank account containing \$96,006.89. Despite the property’s ownership status, both Mr. and Mrs. Oloyede waived their right to contest the forfeiture as part of a plea bargain agreement reached on April 24, 2025.The plea deal saw Oloyede admit to 13 charges, including conspiracy to commit wire fraud, money laundering, and defrauding a federal relief programme. He also forfeited his right to appeal the ruling or claim any restitution.
The indictment detailed how the fraud took place between April 2020 and February 2022, during which Oloyede submitted false loan applications under six companies he controlled, including Joseph Oloyede & Associates, Available Transportation, and Available Tax Services. In total, his businesses secured \$1.7 million, while he helped others obtain \$1.3 million. Co-defendant Oluwasanmi’s entities were said to have received \$1.2 million.Among the early disbursements, JO\&A and Available Transportation each received \$500,000 in October 2021. In June 2020 alone, four companies tied to Oloyede obtained over \$100,000 through falsified documentation. He also allegedly charged co-conspirators commissions for filing applications on their behalf.
Following his arrest on May 4, 2024, after unknowingly returning to the U.S. while under sealed indictment, Oloyede was released on \$20,000 bail under conditions that required surrendering his U.S. and Nigerian passports, both now in federal custody pending sentencing.
Back in Ipetumodu, his legal troubles have led to concerns over the prolonged absence of traditional leadership. Since his coronation in 2019, the monarch had frequently traveled between Nigeria and the U.S., but his disappearance in early 2024 and subsequent detention by the FBI have left the royal stool vacant for nearly a year. Elders and residents have expressed frustration over the leadership vacuum, particularly during key cultural events.
Source : https://saharareporters.com/