Oba Joseph Oloyede, the Apetu of Ipetumodu, has been arrested by the FBI for allegedly defrauding the US government of $4.2 million in COVID-19 relief funds. The Nigerian monarch, who holds American citizenship, is facing a 13-count fraud indictment at the US District Court for the Northern District of Ohio.
Oloyede’s troubles began when he allegedly orchestrated a scheme through his six registered companies to fraudulently obtain loans meant for struggling businesses during the COVID-19 pandemic. The FBI accused him of falsifying supporting documents and diverting the loan money for personal use, violating federal laws.
The monarch’s arrest has left the royal stool of Ipetumodu vacant for nearly a year, causing concerns among indigenes. Oloyede, who was crowned in 2019, often traveled between Nigeria and the US to attend to his royal duties and visit his family.
The FBI investigation revealed that Oloyede received over $100,000 in loans for four of his companies in June 2020. He also received a $500,000 loan for his company JO&A in October 2021, and another $500,000 loan for Available Transportation two days later.
Oloyede’s case has sparked concerns about the integrity of traditional leaders and the impact of their actions on their communities. As the case unfolds, the people of Ipetumodu await the outcome, wondering if they will need to choose a new ruler.
