By Charles Pemu 
A U.S. federal court has sentenced Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, to 56 months in prison for his role in a multi-million-dollar COVID-19 relief fraud scheme. The 62-year-old traditional ruler, a dual U.S.-Nigerian citizen, was also ordered to pay over $4.4 million in restitution and forfeit his home in Ohio.
According to the U.S. Attorney’s Office for the Northern District of Ohio, Oba Oloyede and his co-conspirator, Edward Oluwasanmi, engaged in a scheme from April 2020 to February 2022 to submit fraudulent loan applications to the Small Business Administration (SBA) under the CARES Act.
Both men pleaded guilty to charges of wire fraud and tax fraud. Court records show that Oloyede, a tax preparer, used his businesses and a nonprofit organization to submit false applications. He personally obtained approximately $1.7 million in SBA funds, while his co-conspirator secured $1.2 million. The ill-gotten funds were reportedly used to acquire land, build a home, and purchase a luxury vehicle.
In total, Oba Oloyede caused the approval of 38 fraudulent applications, amounting to more than $4.2 million in disbursed loans and advances. His co-conspirator, Oluwasanmi, was sentenced in July to 27 months in prison and ordered to pay over $1.2 million in restitution. The investigation was a collaborative effort by the Department of Transportation, the FBI, and the IRS.